Barclays fined Sh6b for exposing client to risk

UK bank, Barclays, was fined 38 million pounds (Sh5.5 billion) for exposing customers to unnecessary risks by failing to ensure client assets were properly safeguarded and adequate records kept.

Imposing its highest fine for client asset breaches, the regulator said there were “significant weaknesses” in Barclays’ systems and controls between November 2007 and January 2012 that put 16.5 billion pounds of client’s assets at risk.