Britain's financial watchdog said on Tuesday it had fined Barclays £38 million for failing to ensure that customer money was properly safeguarded and adequate records kept.

The fine is the highest ever imposed by Britain’s Financial Conduct Authority (FCA) for client asset breaches, reflecting what it called “significant weaknesses” in Barclays’ systems and controls between November 2007 and January 2012.

Barclays said it had not profited from the issue and that no customers had lost out as a result of the failings.

Reuters