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FCA drops probe into Barclays' ex-head for European financial institutions

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FCA drops probe into Barclays' ex-head for European financial institutions

The U.K. Financial Conduct Authority dropped a regulatory inquiry into Barclays Plc's former head of European financial institutions, Richard Boath, the Financial Times reported.

Boath was informed of the decision just after his first appearance at Westminster Magistrates' Court to face fraud charges filed by the U.K's Serious Fraud Office related to two fundraising transactions in 2008, the newspaper noted. Also charged are the bank itself, along with ex-CEO John Varley; Roger Jenkins, formerly head of the Middle East; and Tom Kalaris, ex-head of wealth management.

A trial has been set for 2019, with the defendants having said they will plead not guilty to the charges.

Varley, Jenkins and former CFO Chris Lucas are being investigated by the FCA, which said it could revisit the decision not to pursue action against Boath if he is convicted of the fraud charge, the FT added.