28 Dec 2013

Barclays fined for keeping insufficent records

9:45 pm on 28 December 2013

Barclays has been fined £2.28 million ($US3.75 million) in the United States for failing to keep proper electronic records, emails and instant messages.

The Financial Industry Regulatory Authority said the bank failed to preserve data detailing its orders, confirmation of trades, records of accounts and other information between 2002 and 2012.

Barclays did not admit or deny wrongdoing, but agreed to a censure.

The BBC reports that Barclays was fined $435 million in July by the Federal Energy Regulatory Commission in connection with the rigging of US energy markets.

It was also warned in September by the UK Financial Conduct Authority about a possible fine of £50 million for a "reckless" deal in 2008 with Qatari investors.