Barclays fined for gold trades

London - Barclays Bank has been fined by British regulators for management failings that allowed an employee to make inappropriate trades in the gold market.

The Financial Conduct Authority imposed a 26 million pound ($43.7 million) fine on Friday.

A logo hangs outside a branch of Barclays bank in the City of London. Credit: REUTERS

The regulator cited actions taken on June 28, 2012 when an individual trader “exploited the weaknesses in Barclays' system” to influence the gold fixing prices and profit at a customer's expense.

Barclays chief executive Antony Jenkins said the bank regrets the situation that led to the fine.

He said Barclays had strengthened its systems and controls to prevent a recurrence.

The trader involved has also been fine and banned from the industry. - Sapa-AP