London: Barclays has been fined £26m, and one of its former traders banned from working in the City — London’s financial district — for failing to prevent manipulation of the gold price in London.
Almost two years after being hit with a £290m fine for rigging the Libor rate, Barclays is now facing the wrath of regulators again, this time for almost 10 years of inadequate oversight of the setting of the price of gold, known as the fix. Barclays’ chief executive, Antony Jenkins, who was promoted to replace Bob Diamond in the wake of the Libor rigging scandal, insisted the bank was already making changes to its culture to avoid such problems happening again.
The Financial Conduct Authority (FCA) said it had fined Daniel James Plunkett £95,600 and banned him from working in key roles in the City.
The Guardian
