Barclays fights big fine

Barclays is reportedly being hit with a £50 million fine (US $79 million) from the UK’s Financial Conduct Authority and Serious Fraud Office. But the bank plans on fighting the penalty, reports the Guardian.

Read: Barclays fights $470 million fine

The fine stems from Barclay’s failure to release enough detail about fees to investors who backed the bank during the financial crisis. The regulator has characterized the bank’s conduct as “reckless,” according to the report.

Read more here.

Also read:

More Libor trouble for Barclays brass

Barclays’ Rich Ricci stepping down

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.