The investment bank arm of Barclays agreed to pay a $2.8 million fine as part of a settlement announced by the Financial Industry Regulatory Authority (FINRA) on Wednesday for “failure to comply with customer confirmation and related supervision rules” that led to disclosure lapses.
From November 2008 through the present, Barclays Capital sent customers approximately 270 million confirmations that “inaccurately disclosed the firm’s execution capacity, the customer’s price, the market center of execution, or whether the trade was executed at an average price,” according to a consent letter.
