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Barclays fined almost GBP800,000 for Premier FX failings

( February 28, 2022, 10:35 GMT | Official Statement) -- MLex Summary: Barclays Bank has been fined 783,800 pounds, and has offered a voluntary payment of more than 10 million pounds, for oversight failings in its relationship with collapsed money-transfer company Premier FX. The Financial Conduct Authority issued the fine today after finding that Barclays failed to identify that Premier FX’s internal controls were deficient, after the company misled customers by informing them it could hold their funds indefinitely. Barclays was the company’s sole banker in the UK. Its voluntary payment will mean all 167 customers of Premier FX with accepted claims of losses will have their funds returned.Statement follows. Final notice attached....

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