When was barclays fined

Barclays was found to have mistreated business and personal customers who were in financial difficulties and fell behind on credit card and loan payments between and The FCA said the bank had failed to properly contact customers who fell into arrears and had not had appropriate conversations about their individual circumstances.

It meant the bank had ended up offering struggling borrowers unaffordable or unsustainable payment plans that could put them under pressure to prioritise their Barclays debt over other key financial responsibilities such as their mortgage, council tax, child support or utility bills. The FCA director of enforcement and market oversight, Mark Steward, said customers should be able to trust that their lender would help resolve any financial difficulties, rather than make them worse.

There are growing concerns about whether households and businesses will be able to keep up with growing debts as a result of the Covid crisis, as well as how banks will handle collection and recoveries when customers default. Barclays said it identified at least 1. However, while the bank knew about many of the shortcomings in its systems and controls as early as , it failed to adequately resolve these problems until late The enforcement action against Barclays imparts compliance lessons for the entire financial services industry that have only been heightened by the coronavirus pandemic.

Specifically, from a risk management standpoint, the FCA said firms should ensure they appropriately invest in staff who work in collections and recoveries, including in training and effective management information, to allow firms to monitor customer outcomes and take appropriate action where needed. Sanctions compliance veteran Visar Jaha explores for the ICA what it takes to be a successful in ensuring compliance with sanctions regimes within a firm. Volkswagen CCO Kurt Michels shared how the company has intensified business partner due diligence in the wake of completing its three-year U.

Treasury continued its crackdown on facilitators of ransomware payments, sanctioning a second virtual currency exchange and its affiliates and updating FinCEN guidance to help make financial institutions more aware of related red flags.

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