Britain's financial regulator has fined Barclays 40 million pounds ($50.9 million) for its failure to disclose payments made to Qatari entities in 2008, after the bank on Monday said it had dropped its appeal over the case.

Barclays Plc has been fined £40 million ($50.3 million) by British regulators over failures to disclose details of its rescue by Qatar during the 2008 financial crisis.

The UK-headquartered bank will pay a fine of 40 million pounds to British regulators for failing to disclose information of its rescue by Qatar during the 2008 financial crisis.

The bank had been due to challenge the Financial Conduct Authority’s (FCA) decision in the Upper Tribunal court in London this week.

Barclays has been fined £40 million by the UK’s financial watchdog for “reckless” conduct when securing funds from Qatari investors during the 2008 financial crash. The bank had been due to challenge the case brought by the Financial Conduct Authority (FCA) in court this week.

Britain's financial regulator has fined Barclays £40m for its failure to disclose payments made to Qatari entities in 2008, after the bank today said it had dropped its appeal over the case.

Britain's financial regulator said on Monday it had fined Barclays 40 million pounds ($50.9 million) in total for its failure to disclose certain arrangements with Qatari entities in 2008. The fine by the Financial Conduct Authority dates back to the height of the 2008-9 financial crisis,

Barclays has been fined £40million over secretive payments to QatarI institutions during the 2008 global financial crisis.