• Login
SUBSCRIBE TO OUR NEWS EMAILS
Tuesday, 26 January, 2021
No Result
View All Result
BestAdvice
  • News
  • Features
  • Blogs
  • Podcast
  • Research & Reports
  • Video
  • MORTGAGES
    • Mortgage type
      • Discount mortgages
      • Fixed rates
      • Fee-free
      • Interest-only
      • Offset
      • Remortgages
      • Trackers
      • Variable rates
    • Conveyancing
    • First time buyers
    • Help to Buy
    • New build
    • Overseas
    • Regulation
    • Self build
    • Shared ownership
  • BRIDGING
  • BTL
    • Consumer BTL
    • HMOs
    • Limited Company BTL
  • COMMERCIAL
    • Asset finance
    • Auction finance
    • Commercial mortgages
    • Development finance
    • Invoice finance
    • SME finance
  • DISTRIBUTION
  • G.I.
  • LATER LIFE
    • Equity release
      • Lifetime mortages
      • Drawdown
    • Pensions
    • Retirement borrowing
  • LOANS
  • PROTECTION
    • Critical illness
    • Income protection
    • Group protection
    • Life cover
    • PMI
  • MORTGAGES
    • Mortgage type
      • Discount mortgages
      • Fixed rates
      • Fee-free
      • Interest-only
      • Offset
      • Remortgages
      • Trackers
      • Variable rates
    • Conveyancing
    • First time buyers
    • Help to Buy
    • New build
    • Overseas
    • Regulation
    • Self build
    • Shared ownership
  • BRIDGING
  • BTL
    • Consumer BTL
    • HMOs
    • Limited Company BTL
  • COMMERCIAL
    • Asset finance
    • Auction finance
    • Commercial mortgages
    • Development finance
    • Invoice finance
    • SME finance
  • DISTRIBUTION
  • G.I.
  • LATER LIFE
    • Equity release
      • Lifetime mortages
      • Drawdown
    • Pensions
    • Retirement borrowing
  • LOANS
  • PROTECTION
    • Critical illness
    • Income protection
    • Group protection
    • Life cover
    • PMI
No Result
View All Result
BestAdvice
No Result
View All Result

Largest ever FSA fine imposed on Barclay Bank plc

by Kevin Rose
27 June 2012
Barclays Bank plc
Share on FacebookShare on TwitterShare on LinkedIn

Barclays Bank plc

Barclays Bank plc has been fined £59.5 million for misconduct relating to the London Interbank Offered Rate (LIBOR) and the Euro Interbank Offered Rate (EURIBOR).

This is the largest fine ever imposed by the FSA.

The regulator said Barclays’ breaches of tits requirements encompassed a number of issues, involved a significant number of employees and occurred over a number of years.

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.

The FSA said that Barclays also sought to influence the EURIBOR submissions of other banks contributing to the rate setting process. It also reduced its LIBOR submissions during the financial crisis as a result of senior management’s concerns over negative media comment.

Barclays also failed to have adequate systems and controls in place relating to its LIBOR and EURIBOR submissions processes until June 2010 and failed to review its systems and controls at a number of appropriate points.

The banking giant also failed to deal with issues relating to its LIBOR submissions when these were escalated to Barclays’ Investment Banking compliance function in 2007 and 2008.

“Barclays’ misconduct was serious, widespread and extended over a number of years,” said Tracey McDermott, acting director of enforcement and financial crime at the FSA.

“The integrity of benchmark reference rates such as LIBOR and EURIBOR is of fundamental importance to both UK and international financial markets. Firms making submissions must not use those submissions as tools to promote their own interests.

“Making submissions to try to benefit trading positions is wholly unacceptable. This was possible because Barclays failed to ensure it had proper controls in place. Barclays’ behaviour threatened the integrity of the rates with the risk of serious harm to other market participants.”

The FSA said that it continues to pursue a number of other significant cross-border investigations in this area.

Barclays qualified for a 30% discount under the FSA’s settlement discount scheme. Without the discount the fine would have been £85 million.

This was a cross-border investigation and included the U.S. Commodity Futures Trading Commission (CFTC), the U.S. Department of Justice (DoJ) (together with the Federal Bureau of Investigation (FBI)) and the Securities and Exchange Commission (SEC) for their co-operation.

The CFTC brought attempted manipulation and false reporting charges against Barclays for similar failings, which the bank agreed to settle. The CFTC imposed a penalty of US$200 million. In addition, as part of an agreement with the DOJ, Barclays admitted to its misconduct and agreed to pay a penalty of US$160 million.

ShareTweetShare
Previous Post

New hire for United Trust Bank

Next Post

Income payment protection opportunities from PPI ‘ban’

Next Post
Financial advice

Income payment protection opportunities from PPI 'ban'

professional development

Tenet offers new CPD and SPS process

rising costs

Firms fear costs of PI

CLICK FOR COVID-19 LATEST

CSF: telephone account managers more important than ever

CSF: telephone account managers more important than ever

26 January 2021
Fiduciam provides TVR with CBILS loan

Fiduciam provides TVR with CBILS loan

26 January 2021
Virgin Money pulls selected 85% LTV purchase deals

Accord pulls 75% and 80% deals for 10 days

25 January 2021

LIMITED COMPANY BTL REPORT

Most Popular

  • Should we stay or should we go?

    Don’t ignore EU money laundering directives, firms warned

    0 shares
    Share 0 Tweet 0
  • Pepper plans fivefold servicing growth in Spain with new platform

    0 shares
    Share 0 Tweet 0
  • Openwork appoints chief commercial officer

    0 shares
    Share 0 Tweet 0
  • AMI hits out at FSCS levy hike

    0 shares
    Share 0 Tweet 0
  • Royal London unveils Helping Hand discounts

    0 shares
    Share 0 Tweet 0

Receive BestAdvice briefings

   


   


   


Recommended

HLPartnership hires digital marketing manager 

HLPartnership hires digital marketing manager 

2 days ago
New lenders for coronavirus business loan scheme

Griffins joins ASTL

1 week ago
Two new distribution services unveiled by Key

Stamp Duty holiday boosts over-65s’ property wealth

3 weeks ago
Landlords eschew BTLs for HMOs

More tenants now seeking larger properties

1 week ago
  • Subscribe
  • Advertise
  • About us
  • Contact us
  • Privacy policy
  • Terms & Conditions
SUBSCRIBE TO OUR ALERTS!

© 2018 Trek Publishing Limited. Website design by Bedazzled Media Limited.
Company Number 11335497. Registered Office: Butterick Building Unit K, 38 New Lane, Havant, P09 2ND

No Result
View All Result
  • MORTGAGES
    • Mortgage type
      • Discount mortgages
      • Fixed rates
      • Fee-free
      • Interest-only
      • Offset
      • Remortgages
      • Trackers
      • Variable rates
    • Conveyancing
    • First time buyers
    • Help to Buy
    • New build
    • Overseas
    • Regulation
    • Self build
    • Shared ownership
  • BRIDGING
  • BTL
    • Consumer BTL
    • HMOs
    • Limited Company BTL
  • COMMERCIAL
    • Asset finance
    • Auction finance
    • Commercial mortgages
    • Development finance
    • Invoice finance
    • SME finance
  • DISTRIBUTION
  • G.I.
  • LATER LIFE
    • Equity release
      • Lifetime mortages
      • Drawdown
    • Pensions
    • Retirement borrowing
  • LOANS
  • PROTECTION
    • Critical illness
    • Income protection
    • Group protection
    • Life cover
    • PMI

© 2018 Trek Publishing Limited. Website design by Bedazzled Media Limited.
Company Number 11335497. Registered Office: Butterick Building Unit K, 38 New Lane, Havant, P09 2ND

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.