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Bank charges: Barclays fined £7.7m

Barclays bank has been fined £7.7 million for mis-selling investments to thousands of customers.

The Financial Services Authority (FSA) has also ordered Barclays to repay £60 million in compensation to regulators.

Over 12,000 customers are set to receive compensation, at an average of £5,000 per person.

It was also revealed that the bank failed to train sales staff properly and put "inadequate information" on brochures.

Margaret Cole, the FSA's managing director of enforcement and financial crime, said: "The FSA requires firms to have robust procedures in place to ensure any advice given to customers is suitable.

"Barclays failed to do this and thousands of investors, many of whom were seeking to invest their retirement savings, have suffered. To compound matters, Barclays failed to take effective action when it detected the failings at an early stage."

This announcement follows news that Barclay's chief executive, Bob Diamond, is to receive an £8 million bonus.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.
 ADNFCR-2776-ID-800351730-ADNFCR



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