FCA Fined Barclays GBP 783,800 for Breaches of Supervision

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The UK’s Financial Conduct Authority (FCA) has fined Barclays Bank Plc GBP 783,800 for breaches of supervision in its relationship with the collapsed payment firm Premier FX. The FCA publicly accused Premier FX in February 2021 of failing to protect its customers’ money and seriously misleading its customers about the services it was authorized to provide. Barclays failed to ensure that Premier FX’s actual business operations were in line with expectations and did not find that Premier FX’s internal controls were insufficient.

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