A PYMNTS Company

UK: Barclays fined after FCA gold-fixing settlement

By  |  May 27, 2014

The UK’s Financial Conduct Authority has reportedly imposed fees of $43.9 million onto major bank Barclays for allegedly manipulating gold prices.

According to reports, the FCA found Barclays traders manipulated the gold benchmark fix between 2004 and 2013. What’s more, reports say the FCA found that one day after Barclays was fined $450 million for its alleged role in LIBOR manipulation, Barclays trader Daniel James Plunkett manipulated gold prices on June 28, 2012 – the event that sparked an investigation into the matter after a client issued a complaint.

Plunkett was similarly fined and banned from any future financial regulation position.

The FCA announced last Friday that Barclays agreed to settle the matter.

Full content: Zacks

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.