FCA fines Barclays £42 million for poor handling of financial crime risks

In the first case, Barclays Bank UK PLC failed to check it had gathered sufficient information to understand the money laundering risk, before opening a client money account for WealthTek.

One simple check it could have done was to look at the Financial Services Register before opening the account. Had it done so, it would have seen that WealthTek was not permitted by the FCA to hold client money.

Without the right information about WealthTek and how the account would be used, there was an increased risk of misappropriation of client money or money laundering. Clients went on to deposit £34 million into the account.  Barclays has agreed to make a voluntary payment of £6.3 million to WealthTek’s clients who have a shortfall in the money they have been able to reclaim.  

In December 2024, the FCA separately charged WealthTek’s principal partner with multiple criminal offences, including money laundering and fraud.

In the second case, the FCA has fined Barclays Bank PLC £39.3 million for failing to adequately manage money laundering risks associated with providing banking services to Stunt & Co.

Barclays did not gather enough information at the start of the relationship or carry out proper ongoing monitoring. In the space of just over a year, Stunt & Co received £46.8 million from Fowler Oldfield, a multimillion-pound money laundering operation.

Barclays failed to properly consider the money laundering risks associated with the firm even after receiving information from law enforcement about suspected money laundering through Fowler Oldfield, and after learning that the police had raided both firms.

Barclays only conducted a review of its exposure to Fowler Oldfield through its customers, including Stunt & Co, after it learned of the FCA’s decision to prosecute NatWest over their relationship with Fowler Oldfield.  

By providing banking services to Stunt & Co, Barclays facilitated the movement of funds linked to financial crime.

Therese Chambers, Joint Executive Director of Enforcement and Market Oversight at the FCA, said:

'The consequences of poor financial crime controls are very real – they allow criminals to launder the proceeds of their crimes, and they allow fraudsters to defraud consumers. Banks need to take responsibility and act promptly, particularly when obvious risks are brought to their attention.

'In the first of these cases, Barclays secured a significant reduction in its fine through its extensive co-operation with our investigation and through making a voluntary payment to affected consumers at our request.'

Barclays continues to engage and invest in a significant remediation programme to enhance its anti-money laundering control framework.

Financial crime is highlighted by the FCA as a priority for retail banks in its 2024 supervisory strategy. The FCA continues to supervise firms to improve standards and ensure that they have the right systems and controls to manage financial crime risks. 

Notes to editors

1. Final Notice 2025: Barclays Bank UK plc and Final notice 2025: Barclays Bank plc.
2. In the first case, Barclays Bank UK PLC was fined £3,093,600, reduced from £4,419,500 following early settlement.
3. Updates from WealthTek’s administrators.
4. A trial has been scheduled for September 2027 at Southwark Crown Court in the criminal proceedings brought by the FCA against John Dance, the former WealthTek LLP principal partner.
5. Until recently, the FCA has prioritised our investigation into Mr Dance. Consideration was subsequently given to what further regulatory action might be appropriate. The investigation into Barclays Bank UK PLC was opened in April 2025 and concluded within three months. Barclays' extensive cooperation contributed to this expedited outcome. This, together with Barclays’ agreement to make a voluntary payment, led to a significant reduction in its financial penalty.
6. In respect of the second case, Barclays Bank PLC was fined £39,314,700, reduced from £56,163,900 following early settlement.
7. On 4 March 2025 Gregory Frankel and Daniel Rawson, who were both directors of Fowler Oldfield, were convicted of money laundering and sentenced to more than 11 years and 10 years in prison respectively. James Stunt, the Director and owner of Stunt & Co, was acquitted of money laundering charges in relation to money received by Stunt & Co from Fowler Oldfield.
8. We previously fined Barclays for failings in financial crime controls in 2022 and 2015.
9. Find out more information about the FCA.