By Mark Kleinman, City Editor
The City watchdog has warned Barclays that it could impose financial penalties on the bank and some of its top executives as part of a probe into fundraisings that allowed the British lender to avoid taxpayers' clutches in 2008.
Sky News has learnt that the Financial Conduct Authority (FCA) has ruled that Barclays struck commercial arrangements on terms that were favourable to Qatari investors in the summer of 2009 which should have been disclosed to the stock market.
In a preliminary judgement handed to the bank late last month, the FCA expressed a view that the arrangements should have been disclosed to the stock market, according to people familiar with the discussions.
The FCA is understood to have told the bank, which on Tuesday announced plans to raise almost £8bn from investors through a combination of new shares and bonds, that it could seek to fine both Barclays and the executives involved, who include John Varley, its former chief executive.
In its half-year results statement on Tuesday, Barclays referred to the progress of the investigation without providing further details.
"The FCA and the Serious Fraud Office are both investigating certain commercial agreements between Barclays and Qatari interests and whether these may have related to Barclays' capital-raisings in June and November 2008.
The FCA investigation involves four current and former senior employees, including Chris Lucas, group finance director, as well as Barclays.
"The FCA enforcement investigation began in July 2012 and the SFO commenced its investigation in August 2012.
"The FCA provided its preliminary findings against Barclays on 27 June 2013 in respect of some of these commercial agreements. Barclays has responded on 25 July 2013 contesting the FCA's preliminary findings. Barclays expects further developments in the near term."
Barclays is understood to believe that the FCA's findings are without merit.
The authorities' inquiries centre on two fundraisings which handed Barclays more than £11bn, allowing it - unlike Lloyds Banking Group and Royal Bank of Scotland - to remain out of taxpayers' hands.
The new details come a day after reports that the SFO had requested an additional £2m in funding from the Treasury for its part of the investigation.
The probes pose a headache for Antony Jenkins, the Barclays chief executive, who is attempting to move Barclays on from the scandals of the recent past, which included a £290m fine for Libor-rigging last year.
Reporting half-year profits of roughly £3.6bn, down 17% owing to the cost of implementing Mr Jenkins' restructuring plan, the bank unveiled a deeply-discounted rights issue, which will involve issuing £5.8bn of new shares to investors.
Barclays and the FCA declined to comment further.
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