Buxton: Barclays record fine is just tip of the iceberg

clock

Barclays' record FSA penalty for LIBOR manipulation will be superseded by other banks' fines as the investigation deepens, according to Schroders' Richard Buxton.

The Financial Services Authority fined Barclays £59.5m this week for significant failings in relation to LIBOR and EURIBOR, after it attempted to profit from the settlement process. The fine was the largest-ever fine by the FSA, and was accompanied by a further £230m in penalties from US regulators. But Barclays qualified for a 30% discount on its UK penalty under the FSA's settlement discount scheme, after working with the FSA. Without the discount the fine would have been £85m, and Buxton suggested that had implications for others involved in the probe. "Barclays will likely h...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA proposes to cut down on data reporting for firms

FCA proposes to cut down on data reporting for firms

Part of regulator’s programme to ‘reduce burden’

Isabel Baxter
clock 16 April 2025 • 2 min read
FCA pumps £3.7m into advice/guidance boundary review work

FCA pumps £3.7m into advice/guidance boundary review work

Come as the regulator proposes to increase fees by 2.5%

Isabel Baxter
clock 08 April 2025 • 3 min read
Open letter slamming FCA email policy sent to regulator and government

Open letter slamming FCA email policy sent to regulator and government

'Alarming lack of consultation'

Beth Brearley
clock 20 March 2025 • 2 min read