The Financial Conduct Authority fined Barclays Bank UK PLC and Barclays Bank PLC a total of GBP 42 million for separate failings in financial crime risk management, relating to Barclays’ provision of a client money account to WealthTek and banking services to Stunt & Co. Barclays Bank UK PLC also agreed to make a voluntary payment to WealthTek clients. In the WealthTek case, Barclays Bank UK PLC was fined GBP 3,093,600 (reduced from GBP 4,419,500 following early settlement) after failing to ensure it had sufficient information to understand the money laundering risk before opening a client money account; the FCA highlighted that checking the Financial Services Register would have shown WealthTek was not permitted to hold client money. Clients deposited GBP 34 million into the account and Barclays agreed to make a voluntary payment of GBP 6.3 million to WealthTek clients with a shortfall in amounts they have been able to reclaim. In the Stunt & Co case, Barclays Bank PLC was fined GBP 39,314,700 (reduced from GBP 56,163,900 following early settlement) for inadequate onboarding and ongoing monitoring, with Stunt & Co receiving GBP 46.8 million from Fowler Oldfield in just over a year; the FCA found Barclays did not properly consider the money laundering risks even after law enforcement information and police raids, and only reviewed its exposure after learning of the FCA’s decision to prosecute NatWest over its relationship with Fowler Oldfield. The FCA noted Barclays’ extensive cooperation and its agreement to make the voluntary payment contributed to a significant reduction in the WealthTek-related penalty, and Barclays is investing in a remediation programme to enhance its anti-money laundering control framework. The FCA also referenced related enforcement developments, including criminal charges brought in December 2024 against WealthTek’s former principal partner with a trial scheduled for September 2027, and March 2025 convictions of two Fowler Oldfield directors for money laundering.
Financial Conduct Authority 2025-12-05
Financial Conduct Authority fines Barclays GBP 42 million for financial crime control failures tied to WealthTek and Stunt & Co
The Financial Conduct Authority fined Barclays Bank UK PLC and Barclays Bank PLC GBP 42 million for failings in financial crime risk management related to WealthTek and Stunt & Co. Barclays agreed to a voluntary payment of GBP 6.3 million to WealthTek clients and is investing in a remediation programme to enhance its anti-money laundering controls. The FCA acknowledged Barclays' cooperation, which reduced the penalty, and noted related enforcement actions, including criminal charges against WealthTek's former principal partner and convictions of Fowler Oldfield directors.