Campaigning group, Global Witness, said on Thursday that action should also be taken against the senior bank employees involved.
"Today's move is very welcome, but cash fines are not enough of a deterrent. To stop this kind of flagrant rule breaking happening again, the FCA should take action against senior executives. The government must not water down new rules to do that if it is serious about tackling financial crime," Stuart McWilliam, senior campaigner at Global Witness, said in a news release.
This is the second largest fine the bank has received from the U.K. in recent months. In May, it received a £284 million penalty, which was the biggest fine yet imposed by the FCA or the FSA.
This was for failing to control business practices in its foreign exchange business in London, in relation to the Libor currency market and interest rate rigging scandal that spun across several banks.
Barclays was also hit by fines in May from U.S. authorities, including the Federal Reserve and the Justice Department.
Meanwhile on Wednesday, a class action law suit was filed in New York against 10 major banks, including Barclays, for allegedly colluding to prevent the trading of interest rate swaps on electronic exchanges. This allegedly prevented competition emerging from non-bank players.
Earlier in the month, four employees of Barclays (and six from Deutsche Bank) were charged with conspiracy to defraud in relation to interest rate rigging, by the U.K.'s Serious Fraud Office.