Barclays Fined Twice in One Day for Compliance Failures

Look for Barleys’ participation in New Century/Home123 loans and faulty assignments.

Justice League

Barclays Plc (BARC) was fined twice in one day for client account failures in the U.K. and the U.S., hurting the bank’s effort to rehabilitate a tarnished image. It agreed to pay a total of $77 million in penalties.

The bank will pay $15 million to the Securities and Exchange Commission to settle claims that its U.S. wealth-management business failed to maintain an adequate internal compliance system and made trades and charged commissions without client approval.

In the U.K., Barclays agreed to pay 38 million pounds ($62 million) to Britain’s market regulator for failing to properly protect 16.5 billion pounds of client assets between 2007 and 2012. Flaws in account naming or data suggested assets belonged to Barclays instead of its clients, which could have caused customers to lose money if the bank became insolvent, the Financial Conduct Authority said.

Read on.

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