Barclays gold price fixing failings another blow to bank

Financial Conduct Authority fines Barclays £26m for attempting to fix the price of gold Photo: PA

Barclays has been fined £26 million for failings in the gold market. This is the first time there has been such a fine.

The Financial Conduct Authority says a Barclays trader had gone rogue and the bank failed to spot it. The scam may have effected gold prices.

After the Barclays Libor fixing scandal this is yet another blow for what tiny amount of public trust may remain in bankers.

Many will see it as shameful that the guilty trader does not face criminal action - indeed that is beyond the scope of the banking officials in this case.

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