By Sabela Ojea

The Financial Conduct Authority said Monday that it has fined Barclays PLC 783,800 pounds ($1.1 million) for failings in oversight of collapsed firm Premier FX.

The regulator said that the bank, which was Premier FX's sole banker in the U.K., has also agreed to pay GBP10.1 million to the customers affected by the firm's collapse.

"Following the distribution by the liquidator amounting to 9 pence for every GBP1 lost, Barclays' voluntary payment of GBP10.1 million will make up the difference, meaning all 167 customers of Premier FX with accepted claims will have 100% of their money returned," the watchdog said.

Barclays failed at identifying that Premier FX's internal controls were deficient, the FCA said.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

February 28, 2022 05:57 ET (10:57 GMT)

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