FCA drops probe into Barclays executive

FCA drops probe into Barclays executive

The Financial Conduct Authority is understood to have dropped its investigation into a senior manager at Barclays.

The regulator had been looking into Richard Boath, the former European head of Barclays’ financial institutions group, as part of a probe into activity around an emergency fundraising of £11.8bn in 2008.

Mr Boath is one of four former Barclays executives to have been charged by the Serious Fraud Office with conspiracy to commit fraud and the provision of unlawful financial assistance.

According to FTAdviser’s sister paper the Financial Times, Mr Boath discovered the FCA had dropped its investigation after returning from his first appearance in court in July.

He has been charged along with John Varley, the former Barclays’ chief executive, Roger Jenkins, its head of the Middle East in 2008, and Tom Kalaris, the bank’s former head of wealth management.

The charges relate to Barclays’ capital raising arrangements with Qatar Holding LLC and Challenger Universal Ltd, which took place in June and October 2008, and a $3bn (£2.27bn) loan facility made available to the State of Qatar acting through the Ministry of Economy and Finance in November 2008.

The four have not yet entered pleas but it is understood they intend to plead not guilty, with a trial expected in 2019.

The FCA is investigating the bank, Mr Varley, Mr Jenkins and Chris Lucas, Barclays’ former chief financial officer.

The FCA's inquiry, and that of the Serious Fraud Office, turns on secret fees and side deals pledged to Qatar by Barclays.