Barclays PLC Fined $62M For Putting Clients’ Assets At Risk

Barclays PLC (NYSE:BCS) (LON:BARC) has been fined a record $63 million (£38 million) by a British regulator for failing to properly safeguard client assets at its investment bank. Barclays, however, said it didn’t profit from the issue and no customers lost out.

Barclays' weakness in systems and controls

According to the U.K. Financial Conduct Authority, Barclays failed to appropriately segregate billions of pounds in client assets, thereby exposing them to risk if the bank ever became insolvent. The regulator said Barclays’ investment bank failed to identify in its records which entity in the investment bank was responsible for which account or to whom those accounts belonged.

The FCA said the activity...