LONDON – Barclays Bank has been fined by British regulators for management failings that allowed an employee to make inappropriate trades in the gold market.
The Financial Conduct Authority imposed a 26 million pound ($43.7 million) fine on Friday.
The regulator cited actions taken on June 28, 2012 when an individual trader “exploited the weaknesses in Barclays’ system” to influence the gold fixing prices and profit at a customer’s expense.
Barclays Chief Executive Antony Jenkins said the bank regrets the situation that led to the fine. He said Barclays had strengthened its systems and controls to prevent a recurrence.
The trader involved has also been fine and banned from the industry.