Jun 21, 2017
Barclays case bolsters UK fraud agency’s prospects
The Barclays case, involving charges of fraud related to emergency cash injections that saved the bank at the height of the 2008 financial crisis, is its biggest and boldest prosecution to date. A month later, the Tory manifesto was suddenly pledging to scrap the SFO. In any case, that review could not be justified by the agency's poor performance: it had just secured four high-profile convictions in the trial of former Barclays traders for rigging the Libor lending rate. Some legal experts say it would be a mistake for the SFO to get complacent over the Barclays case. Philip Marshall, of Serle Court Chambers, says: "Legal precedent for the case is limited . . . The closest analogy in the criminal context might be the Guinness share ramping case." In that case, dating back to the 1980s, the brewer's chief executive and three financiers were convicted. Q&A: What is the Barclays fraud case about?Lex: Poisonous pivotAnalysis: Cadmium case proves toxic for BarclaysProfiles: The 4 former Barclays men charged with fraud.
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