Barclays fine cut 20% to £40m in last-minute settlement with FCA

Barclays Bank and the FCA have reached an eleventh-hour agreement over disciplinary proceedings, with a reduction of the proposed fine from £50 million to £40m; this means the bank will not proceed with an appeal to the Upper Tribunal against the regulator's findings on Barclays' 2008 Qatari fundraising deal.

By Neasa MacErlean

Carefully worded statements from both sides point to a negotiation in which they each gave ground, culminating in the dropping of the appeal three days before the tribunal date on 25 November and leaving them to agree final wordings over the intervening weekend.