16-07-2025
Barclays fined £39m for poor handling of risk over James Stunt company
Barclays has become embroiled in the fallout from the Fowler Oldfield money laundering scandal as the bank was fined £39.3 million for failing to tackle financial crime risks in its dealings with a company owned by the socialite James Stunt.
The Financial Conduct Authority said on Wednesday that Barclays had continued to serve Stunt & Co, whose sole shareholder is Stunt, a former son-in-law of the Formula 1 tycoon Bernie Ecclestone, despite being aware of 'multiple risks'.
Stunt & Co received £46.8 million in electronic transfers to its Barclays account from Fowler Oldfield, a Bradford-based jewellery company, between July 2015 and August 2016. Two directors of Fowler Oldfield were convicted this year of money laundering and the FCA said it considered the £46.8 million received by Stunt & Co to be the proceeds of crime.
