Barclays to pay $97 mn for overcharging investors
Barclays to pay $97 mn for overcharging investors: British banking giant Barclays has agreed to repay nearly $100 million to investment clients it overcharged for services, US financial regulators said Wednesday.
The bank overbilled investment clients by nearly $50 million, US Securities and Exchange Commission said in a statement.
“Barclays failed to ensure that clients were receiving the services they were paying for,” said C Dabney O’Riordan, co-chief of the SEC Asset Management Unit.
The bank will pay $97 million, including a $30 million penalty and $13.8 million in interest, into a fund to reimburse and compensate investors.
Some 2,000 clients paid for due diligence and monitoring services that were not performed as advertised, while 63 others paid excess mutual fund sales charges after the bank needlessly recommended more expensive share classes, the SEC said in a statement.
Barclays has neither admitted nor denied the allegations, according to the SEC. Formal admission of guilt can expose companies to damaging investor lawsuits and the SEC rarely requires firms to admit wrongdoing.
The news came as the bank’s chief executive Jes Staley apologized to investors earlier in the day during the company’s annual meeting for attempting to unmask a whistleblower in another controversy within the bank.
Barclays revealed last month that Staley was under investigation by regulators and faced a “very significant” pay cut over the incident.
About HumSub TV
Introduction
HumSub TV is Pakistan’s leading forwarding-thinking, edutainment channel, aimed at promoting and upholding peace, interfaith harmony and social responsibility within Pakistan through informative and insightful programmes and documentaries; analytical interviews on issues pertaining to social, economic, legal and environmental set-up; dedicated shows to canvass and thereby promote the culture and heritage of Pakistan and in-depth coverage of national and international news.
HumSub TV is the first channel and thus a pioneer within its own right that mainly focuses on emphasising the “Rights” as well as the “Obligations” of the citizens in light of the Constitution of Pakistan, numerous International declarations signed by the Government and various laws that have been promulgated over the years but are not in the knowledge of the common citizen.
HumSub TV also aims to enter into bilateral agreements with other countries to promote not only their culture, heritage and tourism, but also their educational and medical facilities.
Following the successful launch of HumSub TV’s head office in Blue Area, Islamabad; the bureau office has been set up in Lahore.
Vision
To project positive image building of Pakistan and inculcate nationalism, as per the vision of the founder of the nation, Quaid-e-Azam Mohammad Ali Jinnah.
Mission
HumSub TV is resolute about the promotion of a pluralistic, inclusive and egalitarian society in Pakistan where all citizens are allowed to contribute to promote interfaith harmony, peace and collective wisdom in the social, political and economic development of Pakistan and to encourage critical and lateral thinking in the society. HumSub TV strives to make a positive contribution to this end.
HumSub TV’s Theme
HumSub TV, Pakistan’s first EDUTAINMENT Channel, has been set up for not only those audience residing in Pakistan or overseas but the international community on the whole. The vision of the channel is to project positive image building of Pakistan and inculcate nationalism as per the vision of the founder of the nation.
HumSub TV strives to make a positive contribution to this end by promoting pluralism, inclusiveness and egality in Pakistan and give voice to the suppressed. It endeavors to act as a positive catalyst for social change and Pakistani nationalism. It envisions providing a platform for airing critical and lateral thinking and collective wisdom by inviting positive minded intellectuals and opinion forming individuals for the promotion of interfaith harmony and peace in the social, political and economic development of Pakistan.
Whereas the channel airs upbeat edutainment programmes, it, nonetheless, has the primary objective of countering negative anti-Pakistan regional and international propaganda as well as advancing fundamental rights as encapsulated in the Constitution of Pakistan.
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