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The Guardian - UK
The Guardian - UK
Business
Kalyeena Makortoff Banking correspondent

Barclays fined £42m over poor handling of financial crime risk

Barclays FCA James Stunt John Dance NatWest WealthTek
Barclays secured a significant reduction in its fine through its extensive cooperation with the FCA investigation.
Barclays secured a significant reduction in its fine through its extensive cooperation with the FCA investigation. Photograph: Islandstock/Alamy

Barclays has been fined £42m over “poor handling” of financial crime risks linked to two clients, including a gold bullion business run by James Stunt, the former son-in-law of Formula One tycoon Bernie Ecclestone.

The Financial Conduct Authority (FCA) said the bulk of the penalties, about £39.3m, related to Barclays’ failure to properly screen Stunt’s business – Stunt & Co – and its relationship with Fowler Oldfield, a Bradford jeweller now infamously linked to a large money-laundering operation.

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