- The U.K.’s Financial Conduct Authority (FCA) is reportedly investigating Barclays PLC (NYSE:BCS) for suspected failings in its compliance and anti-money laundering systems.
- The Authority requested an independent review of Barclays’ systems last year after noting the number of anti-money laundering incidents, the Financial Times reported, citing people familiar with the matter.
- The FCA wrote to the heads of Barclays’ corporate banking and U.K. retail and wealth divisions requesting a “skilled person review,” or Section 166, the report added.
- Section 166 usually involves hiring an independent firm that produces reports, potentially with recommendations for improvement.
- The FCA review is just the latest problem for Barclays, which has clashed with regulators and struggled with compliance missteps in recent years.
- Ex-chief executive officer Jes Staley was forced to step down in November 2021 amid a probe into his past relationship with Jeffrey Epstein. The bank’s board backed him throughout the process. Staley is appealing the decision.
- The FCA says it will take a more aggressive approach to enforcement under new chief executive Nikhil Rathi after a series of scandals and has repeatedly warned banks operating in the U.K. that their oversight and reporting systems are not yet up to scratch.
- Price Action: BCS shares are down 1.30% at $9.08 premarket on the last check Friday.
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