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| Barclays Bank fined £26m for gold price fixing | Barclays Bank fined £26m for gold price fixing |
| (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 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 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. | 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 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. | "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. | |
| "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. |