News Column

COMPANIES: Postscript Fines and flotations: Barclays, the bank that's still not good as gold

May 25, 2014

This week, in the punishment corner for badly behaved banks, comes news of a pounds 26m fine for Barclays, the self-styled "go-to bank" (when the Financial Conduct Authority fancies a cheque).

Almost two years after paying a pounds 290m fine for rigging the Libor rate, the bank has upset the regulator again, this time after almost 10 years of inadequate oversight of the way it was involved in setting the price of gold, known as the fix (seriously).

One of its former traders was banned from working in the City and the bank rapped for failures of oversight of the way the gold price is set in London. Barclays's chief executive, Antony Jenkins, who was promoted to replace Bob Diamond in the wake of the Libor scandal, insisted the bank was already making changes to its culture to avoid such problems happening again.

Anyway, the FCA said it had fined Daniel James Plunkett pounds 95,600 and banned him from working in key roles in the City after he was tempted to make a "quick buck" from a client. Who'd have thought it?


Barclays took its eye off the 'gold fix'.

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Source: Observer (UK)

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