Barclays Bank has been fined £26m by UK regulators for gold price fixing.
The Financial Conduct Authority (FCA) said the bank had failed to "adequately manage conflicts of interest between itself and its customers", in relation to fixing the price of gold. The FCA said one trader, who has been sacked, exploited weaknesses in the system to profit at a customer's expense. Barclays said it "very much regrets the situation" that led to the fine. "Barclays has undertaken a significant amount of work to enhance our systems and controls and is committed to the highest standards across all of our operations," said Antony Jenkins, group chief executive. The FCA also fined the individual trader £96,500. The regulator said as a result of the trader's actions, Barclays was not obligated to make a $3.9m (£2.3m; 2.9m euros) payment to one of its customers, although the customer was later compensated in full. "A firm's lack of controls and a trader's disregard for a customer's interests have allowed the financial services industry's reputation to be sullied again," said Tracey McDermott, the FCA's director of enforcement and financial crime.....Read more here