FSA hits Barclays with record £59.5m fine – The Financial Services Authority (FSA) has fined Barclays Bank £59.5m for misconduct relating to the London Interbank Offered Rate (LIBOR) and the Euro Interbank Offered Rate (EURIBOR).
It is the largest fine ever imposed by the FSA.
Barclays’ breaches of the FSA’s requirements encompassed a number of issues, involved a significant number of employees and occurred over a number of years.
Further reading
No matching document Barclays’ misconduct included:
•making submissions which formed part of the LIBOR and EURIBOR setting process that took into account requests from Barclays’ interest rate derivatives traders. These traders were motivated by profit and sought to benefit Barclays’ trading positions;
•seeking to influence the EURIBOR submissions of other banks contributing to the rate setting process; and
•reducing its LIBOR submissions during the financial crisis as a result of senior management’s concerns over negative media comment.
Loading...