The Financial Conduct Authority (FCA) has fined Barclays Bank £783,800 for oversight failings in its relationship with collapsed payments firm Premier FX.
The financial penalty took into account that Barclays voluntarily agreed to cover the losses of Premier FX customers whose claims have been accepted by Premier FX’s liquidators.
Premier FX was authorised by the FCA under the Payments Services Regulations to perform money remittance, which is the transfer of money without any ...
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