Banking industry 'sullied once again' over gold failings

The gold-fixing failings by Barclays has once again tarnished the industry's reputation, the Financial Conduct Authority said, after it fined the bank £26 million.

Its announcement focused on the behaviour of Daniel James Plunkett, who was a trader on the Barclays precious metals desk, on June 28 2012.

Traders who might be tempted to exploit their clients for a quick buck should be in no doubt - such behaviour will cost you your reputation and your livelihood.

Barclays' failure to identify and manage the risks in its business was extremely disappointing. Plunkett's actions came the day after the publication of our Libor and Euribor action against Barclays.

Firms should be in no doubt that the spotlight will remain on wholesale conduct and we will hold them to account if they fail to meet our standards.

– Tracey McDermott, Financial Conduct Authority

Read: Barclays gold price fixing failings another blow to bank

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Barclays fined £26m over gold price fixing attempts

Barclays has been fined £26 million by the City watchdog over failings in relation to the fixing of the price of gold over a nine-year period.