Barclays fined £26m for gold price fixing

The fine relates to June 2012, when Barclays trader Daniel Plunkett exploited a weakness in the bank's systems and controls to influence the daily gold fixing, a mechanism introduced in 2004 to enable customers to buy gold at a single fixed price. As a result of his actions, Barclays was not obligated to make a $3.9m payment to its customer, although it later compensated the customer in full. Plunkett's actions boosted his own trading book by $1.75m. The FCA has fined Plunkett £95,600 and banned him from performing any function in relation to any regulated activity. Tracey McDermot...