Barclays fined $ 62m for client fund failings

LONDON,  Sept 23 (Reuters) : British bank Barclays was fined 38 million pounds ($62 million) on Tuesday for exposing customers to unnecessary risks by failing to ensure client assets were properly safeguarded and adequate records kept.

Imposing its highest fine for client asset breaches, Britain's financial regulator said there were "significant weaknesses" in Barclays' systems and controls between November 2007 and January 2012 that put 16.5 billion pounds of client's assets at risk.

Barclays, which said it did not profit from these failings and that no customer had lost money, qualified for a 30 per cent fine reduction because it cooperated with the FCA.