07:14 AM EST, 11/25/2024 (MT Newswires) -- Barclays ( JJCTF ) was fined 40 million UK pounds ($50.3 million) for failure to disclose financial arrangements that were allegedly "reckless and lacked integrity" with entities in Qatar during the 2008 financial crisis, the UK's Financial Conduct Authority said in a statement on Monday.

The bank said in a separate statement that "in view of the time elapsed since the events, Barclays ( JJCTF ) wishes to draw a line under the issues" in the matter and has decided not to contest the 2022 decision.

"Barclays ( JJCTF ) has concluded that the interests of the bank, its shareholders and other stakeholders are best served by withdrawing" its appeal, the bank said.

The company said it already allocated funds for the penalty in 2022 and "there is no material financial impact on Barclays ( JJCTF )."

"'Barclays' ( JJCTF ) misconduct was serious and meant investors did not have all the information they should have had," said Steve Smart, joint executive director of enforcement and market oversight at the UK regulator. "However, the events took place over 16 years ago and we recognize that Barclays ( JJCTF ) is a very different organisation today, having implemented change across the business."