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Barclays To Pay Up To £67M In Investor Advice Probe

Law360 (January 18, 2011, 2:09 PM EST) -- British regulators fined Barclays Bank PLC £7.7 million ($12.3 million) Tuesday, and may force it to refund up to £59 million, for advising customers to invest in funds without explaining the risks — the U.K. watchdog's largest-ever penalty for financial failings.

The Financial Services Authority said the bank will compensate some of the thousands of customers who were inappropriately advised to put their money into Aviva’s Global Balanced Income Fund and Global Cautious Income Fund. So far Barclays has paid out about £17 million to customers,...
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