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The SEC alleges Barclays Capital failed to provide adequate compliance for a wealth management unit while the FCA says Barclays Bank failed to protect clients’ custody assets in the investment banking division.
Taken together, Barclays Capital and Barclays Bank will be paying a total of $61,913,453 in penalties to U.S. and U.K. regulators for two past incidents — an inadequate compliance system for wealth management efforts, and a failure to properly protect clients’ custody assets. In the U.S., Barclays Capital is paying a $15 million penalty to...
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