London - Britain's financial watchdog will fine Barclays £38m for failing to ensure that customer money was properly safeguarded and adequate records kept, said a source familiar with the situation.
The Financial Conduct Authority (FCA) is to announce the fine as soon as Tuesday, the source told Reuters.
The FCA declined to comment on the matter, while Barclays was not immediately available for comment outside regular business hours.
Sky News reported the news on Monday, saying the regulator's announcement would make clear that losses for Barclays' clients were theoretical rather than actual.