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's financial watchdog has fined Barclays £40m over conduct during a fundraising drive in 2008 which it has called "reckless" and lacking integrity. The Financial Conduct Authority (FCA) says the bank failed to disclose arrangements with Qatari investors when it was looking to raise money at the height of the financial crisis.

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,

Britain’s Financial Conduct Authority has fined Barclays over $50 million for not disclosing payments to Qatari entities. The payments were tied to a 2008 fundraising effort to avoid a state bailout during the global financial crisis.

Regulators said Barclays should have provided more details about the cash that helped it avoid a taxpayer bailout during the 2008 financial crisis.