Barclays fined £40mn after dropping challenge over Qatar fundraising

Barclays has abandoned a legal challenge against the UK financial watchdog’s £40mn fine for failing to disclose payments to Qatari entities during the 2008 financial crisis, with former CEO John Varley set to appear as a key witness. The FCA found Barclays’ conduct reckless and lacking integrity, leading to the bank withdrawing its challenge and wanting to “draw a line” under the issue, despite not accepting the findings. The emergency capital raise in 2008 helped Barclays avoid a government bailout, but controversies over payments to Qatar have led to criminal and regulatory investigations, with Varley acquitted and charges dropped, prompting an overhaul of corporate criminal liability in the UK.

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