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Barclays to compensate UK advice clients

UK bank Barclays has announced it will compensate former clients of its now-defunct financial planning arm whose details were sold to rogue traders.

According to an investigation by the UK Mail on Sunday, private details of as many as 27,000 Barclays advice client accounts were leaked and sold to London asset management and trading firms, described by the newspaper as “investment sharks”.

The City of London police is now investigating the matter, the newspaper reported, with the bank announcing that “a gesture of good will” is forthcoming.

Investigators are looking into the involvement of London fund manager First Asset Management, which reportedly “closed down suddenly last September amid complaints from angry investors”.