Financial Times, citing people familiar with the matter, reports the Bank of
England's Prudential Regulation Authority received a complaint earlier this year
and is investigating whether Barclays traders made false statements about
illiquid private‑credit loans that understated related risk. The complaint
targets the accounting/booking of derivatives used to finance private‑credit
exposure—specifically the placement of total‑return swaps tied to illiquid
private‑credit loans into the trading book—which it alleges breached PRA rules.
The Bank of England declined to comment. Barclays said it takes its regulatory
obligations seriously and does not comment on communications with regulators.