On 23 May 2014, the FCA announced that it had fined Barclays Bank Plc £26 million for systems and controls failings and failing to manage conflicts of interest between itself and its customers in relation to the London Gold Fixing. The London Gold Fix sets the price for gold on a daily basis and is a published benchmark. The current members of the London Gold Fix are Barclays, Bank of Nova Scotia, HSBC and Société Générale (Deutsche Bank resigned earlier in May 2014). In addition, the FCA banned Daniel Plunkett, a former Barclays trader, from performing any function relating to a regulated activity and fined him £95,000.
The FCA announcement is available at: