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Economy
In reply to the discussion: STOCK MARKET WATCH -- Friday, 23 May 2014 [View all]xchrom
(108,903 posts)13. Barclays Fined $44 Million for London Gold Fix Failings
http://www.bloomberg.com/news/2014-05-23/barclays-fined-44-million-for-london-gold-fix-failings.html
Barclays Plc (BARC) was fined 26 million pounds ($44 million) by Britains markets regulator for manipulating the price of gold, dealing a blow to Antony Jenkinss attempts to rehabilitate the lenders reputation.
The U.K. Financial Conduct Authority faulted the British bank for failing to adequately manage conflicts of interest with its customers between 2004 to 2013, according to a statement by the regulator. The FCA also fined former trader, Daniel Plunkett, 95,600 pounds and banned him from the industry.
Plunkett exploited the weaknesses in Barclayss systems and controls to seek to influence the gold fixing on June 28, 2012, according to the statement. His actions allowed Barclays to avoid making a $3.9 million payment to a client, though the bank later compensated the customer in full, the FCA said.
Plunketts actions took place the day after the London-based bank was fined a record 290 million pounds for manipulating the London interbank offered rate. That fine led to the departure of Robert Diamond as chief executive officer. Jenkins, who took over after Diamonds exit, has since pledged to rebuild Barclayss relations with regulators and politicians.
Barclays Plc (BARC) was fined 26 million pounds ($44 million) by Britains markets regulator for manipulating the price of gold, dealing a blow to Antony Jenkinss attempts to rehabilitate the lenders reputation.
The U.K. Financial Conduct Authority faulted the British bank for failing to adequately manage conflicts of interest with its customers between 2004 to 2013, according to a statement by the regulator. The FCA also fined former trader, Daniel Plunkett, 95,600 pounds and banned him from the industry.
Plunkett exploited the weaknesses in Barclayss systems and controls to seek to influence the gold fixing on June 28, 2012, according to the statement. His actions allowed Barclays to avoid making a $3.9 million payment to a client, though the bank later compensated the customer in full, the FCA said.
Plunketts actions took place the day after the London-based bank was fined a record 290 million pounds for manipulating the London interbank offered rate. That fine led to the departure of Robert Diamond as chief executive officer. Jenkins, who took over after Diamonds exit, has since pledged to rebuild Barclayss relations with regulators and politicians.
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