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Barclays facing 38 million pounds over clients' funds - source

Reuters

(Reuters) - Britain's financial watchdog will fine Barclays Plc 38 million pounds for failing to ensure that customer money was properly safeguarded and adequate records kept, said a source familiar with the situation.

The Financial Conduct Authority is to announce the fine as soon as Tuesday, the source told Reuters.

The FCA declined to comment on the matter, while Barclays was not immediately available for comment outside regular business hours.

Sky News reported the news on Monday, saying the regulator's announcement would make clear that losses for Barclays' clients were theoretical rather than actual.

(Reporting by Rama Venkat Raman in Bangalore and Huw Jones in London; editing by Jason Neely)