Barclays Settles With FCA in Relation to Gold Fixing
Barclays has reached a settlement with the Financial Conduct Authority (FCA) following an incident in June 2012 involving a former Barclays trader.
The FCA has fined Barclays £26.03m for breaches of its rules in relation to certain of Barclays’ systems and controls relating to the gold fixing.
“We very much regret the situation that led to this settlement,” said Antony Jenkins, group chief executive at Barclays. “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. While there is much more to do to achieve the deep-rooted cultural change we embarked upon at the start of 2013, Barclays today has significantly changed for the better. We are committed to remain focused on delivering on this agenda, underpinned by our Purpose and Values. These situations strengthen our resolve to improve.”
The FCA acknowledged that Barclays brought the conduct of the former trader promptly to the attention of its predecessor, the Financial Services Authority (FSA) and that Barclays also fully co-operated with the FCA’s investigation.
The FCA also acknowledged that Barclays has committed significant resources to enhancing its systems and controls in relation to the gold fixing, as well as in relation to other reference rates.