The regulator’s director of enforcement and financial crime said the fine, relating to misconduct on the part of former Barclays trader Daniel James Plunkett, should leave traders who are “tempted to exploit their clients for a quick buck” in no doubt that such behaviour will be exposed.
In a 27-page final notice issued by the FCA on 23 May, the body stated that Barclays had failed to manage conflicts of interest and put controls in place to avoid Mr Plunkett influencing the price of gold in 2012.
Simon Mansell, managing director of Worcester-based Temple Bar, said: “The problem is that you undermine institutions by constantly criticising them, you destroy consumer confidence, chipping away at the relationship we have with financial institutions until they refuse to make vital decisions involving essential products.”
