US regulators have fined Barclays $361 million (\u00a3327.3 million) after it exceeded a limit on the sale of complex financial products.<\/p>\n\n\n\n
The Securities and Exchange Commission says the London-based bank sold $17.7 billion in more structured products and exchange-traded notes than it had received regulatory approval <\/strong><\/a>for.<\/p>\n\n\n\n In March 2018, the bank was granted permission to sell $21.3 billion in relevant financial securities over an 18-month period.<\/p>\n\n\n\n READ MORE: JD SPORTS, ELITE SPORTS AND RANGERS FC FINED TOTAL OF \u00a32 MILLION AFTER BREAKING COMPETITION LAW<\/strong><\/a> <\/p>\n\n\n\n However, the bank only discovered the problem in March of this year.<\/p>\n\n\n\n Barclays reported the problem to the SEC just days later, admitting that the bank did not have adequate controls to monitor the sale of the products. <\/p>\n\n\n\n READ MORE: GOOGLE FACES \u20ac25 BILLION DAMAGES CLAIMS IN UK AND DUTCH COURTS OVER ADTECH PRACTICES<\/strong><\/a><\/p>\n\n\n\n Gurbir Grewal, director <\/strong><\/a>of the SEC\u2019s Division of Enforcement, said “While we acknowledge Barclays\u2019 efforts to identify, disclose and remediate this conduct, the control deficiencies and the scope of the conduct at issue here was simply staggering,”<\/p>\n\n\n\n After initially rising in the United Kingdom, the bank’s shares fell 1.4 percent to 142.64 in the early afternoon.<\/p>\n\n\n\n According to the SEC, Barclays was ordered to pay $200 million<\/strong><\/a> in civil penalties for the control lapses, as well as $161 million in disgorgement and interest.<\/p>\n\n\n\n READ MORE: RUSSIA FINES GOOGLE $360 MILLION FOR NOT REMOVING PROHIBITED CONTENT<\/strong><\/a><\/p>\n\n\n\n However, the regulator stated that the latter charge could be offset by the bank’s offer to buy back securities from investors that it had sold in excess of its regulatory limit.<\/p>\n\n\n\n In July, the bank set aside \u00a31.3 billion to cover the error, reducing adjusted profits by nearly a quarter to \u00a33.7 billion.<\/p>\n\n\n\n Need Career Advice? <\/a>Get employment skills advice at all levels of your career<\/strong><\/a><\/strong><\/strong><\/p>\n\n\n\n The SEC fine begins to put an end to an issue that has been a major distraction for the firm’s CEO<\/strong><\/a>, C S Venkatakrishnan, also known as Venkat, who has been in the top job for less than a year.<\/p>\n\n\n\n A request for comment was not returned by Barclays.<\/p>\n\n\n\n Source: Evening Standard<\/a><\/strong><\/p>\n\n\n\n Follow us on <\/strong>YouTube<\/strong><\/a>, <\/strong>Twitter<\/strong><\/a>, <\/strong>LinkedIn<\/strong><\/a>, and <\/strong>Facebook<\/strong><\/a>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" US regulators fined Barclays $361 million (\u00a3327.3 million). It did so after exceeding a limit on the sale of complex financial products.<\/p>\n","protected":false},"author":5,"featured_media":29760,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[414,1065],"tags":[1103],"class_list":["post-29758","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uk-business-news","category-us-business-news","tag-barclays"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/posts\/29758","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/comments?post=29758"}],"version-history":[{"count":0,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/posts\/29758\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/media\/29760"}],"wp:attachment":[{"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/media?parent=29758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/categories?post=29758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/tags?post=29758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}