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Barclays Bank fined £26m for gold price fixing Barclays Bank fined £26m for gold price failings
(35 minutes later)
Barclays Bank has been fined £26m by UK regulators for gold price fixing. Barclays Bank has been fined £26m by UK regulators after one of its traders was discovered attempting to fix the price of gold.
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 trader, who has been sacked, exploited weaknesses in the system to profit at a customer's expense, the Financial Conduct Authority (FCA) said.
The FCA said one trader, who has been sacked, exploited weaknesses in the system to profit at a customer's expense. The incident occurred the day after the bank was fined £290m by US and UK regulators for attempting to rig Libor.
Barclays said it "very much regrets the situation" that led to the fine.Barclays said it "very much regrets the situation" that led to the fine.
The FCA found the bank failed to "adequately manage conflicts of interest between itself and its customers", in relation to fixing the price of gold.
"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."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 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.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."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.
"Barclays' failure to identify and manage the risks in its business was extremely disappointing.""Barclays' failure to identify and manage the risks in its business was extremely disappointing."
Barclays and the trader agreed to settle at an early stage, thereby qualifying for a 30% discount on their fines.Barclays and the trader agreed to settle at an early stage, thereby qualifying for a 30% discount on their fines.
The Gold Fixing is a price setting mechanism that allows investors to buy and sell gold at a single quoted price.The Gold Fixing is a price setting mechanism that allows investors to buy and sell gold at a single quoted price.
Barclays joined the mechanism in 2004. The other members are HSBC, Societe Generale and Scotiabank.Barclays joined the mechanism in 2004. The other members are HSBC, Societe Generale and Scotiabank.