Regulation  

Barclays received most FCA visits in 2014

Barclays received most FCA visits in 2014

FCA officials visited Barclays more than twice as often as any other bank in 2014, the regulator has revealed.

In a response to a Freedom of Information request, the FCA said that Barclays had been visited some 186 times last year – a significantly higher number than for any other bank. The second highest number of visits was 85 for HSBC.

Royal Bank of Scotland received 65 visits, while Lloyds Banking Group received 58 and Citigroup received 57.

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The FCA also revealed that it had visited Deutsche Bank 46 times, Goldman Sachs 44 times and UBS 11 times.

However in its responses to the relevant FoI requests, the FCA clarified that the number of visits could be affected by several different factors.

In one response, covering visits made to Barclays, Goldman Sachs and Deutsche Bank, the FCA said: “Goldman Sachs and Deutsche Bank operations in the UK are predominantly investment banking.

“Barclays meanwhile operates two additional businesses, Barclaycard, Personal and Corporate Banking, which have their distinct supervisory strategies, and so require their own sets of visits.”

In another response, covering the number of visits for the remaining banks mentioned, the FCA said: “Each of the firms varies in terms of their business model and structure, which will be key factors in determining the supervisory strategy for the firm.

“This will have an impact on the approach to the number, format and location of visits.”

On 8 July Barclays revealed that it had pushed out chief executive Antony Jenkins, with deputy chairman Sir Michael Rake saying: “Notwithstanding Antony’s significant achievements, it became clear to all of us that a new set of skills were required for the period ahead.”

According to its annual results announcement, in the year ended 31 December 2014 Barclays made an adjusted profit after tax of £3.7bn, up from £2.9bn for the year ended 31 December 2013.

On 20 May 2015, the FCA announced it was imposing a £284m fine on Barclays for failing to control business practices in its foreign exchange (FX) business in London.

Because Barclays agreed to settle at an early stage of the FCA’s investigation it qualified for a 20 per cent discount. Were it not for the discount, the FCA’s fine would have been more than £355m.

Right to reply

When approached, Barclays declined to comment.