Barclays has today reached a settlement with the Financial Conduct Authority (FCA) in respect of a breach of the CASS Regulations.

The FCA has fined Barclays £37,745,000 for breaches of its rules in the CASS sourcebook governing the protection of safe custody assets between November 2007 and January 2012 in the Investment Bank.

Barclays accepts the FCA's finding that the Investment Bank breached the CASS Regulations during the period between November 2007 and January 2012. Barclays did not profit from this issue and no customers lost out. The problem did not affect the retail bank or any other part of the bank. The FCA issue was self-identified and resolved some time ago as part of a firm-wide enhancement of governance and controls around CASS reporting procedures, which Barclays has committed significant resources to over the last four years. The FCA noted that Barclays promptly self-reported this issue to them upon discovery and the firm did not act deliberately or recklessly in relation to this matter.

A Barclays Spokesperson said:

"In this matter Barclays fell short of what is expected under the CASS Regulations. Barclays identified and self-reported to the FCA the issues giving rise to the FCA's findings and we accept their conclusion. Barclays has subsequently enhanced its systems to resolve these issues and to ensure we have the requisite processes in place. No client has suffered any loss as a consequence of this weakness in our processes which existed prior to January 2012"

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