Barclays set for biggest ever fine, at £250m

18 May 2015

barclays_bank_limited The Financial Conduct Authority is going to make an example out of Barclays by slapping them something stupid, with a fine for £250m over the foreign exchange rigging scandal.

The watchdog is handing out a fine that tops the penalties tha other banks paid out to the regulator last year.

This comes as part of more than £4bn in fines expected to be doled out on Wednesday for Barclays, Royal Bank of Scotland, UBS, JPMorgan and Citigroup. While other establishments settled in 2014, Barclays decided not to.

Thanks to this, they missed out on a 30% reduction that everyone else received, leaving them paying more than the record fine that UBS paid in November, when they coughed-up £234m.

Barclays will also have to settle with the US Commodity Futures Trading Commission, so this is going to hit them square in the coffers, and hard.

Altogether, the fines for libor rigging lies somewhere in advance of £6bn, and the whole thing isn't even done with yet. When it all ends, it will only add to an already dizzying amount of money.

The majority of the fine given to the FCA will go to the Treasury, with George Osborne most likely to announce how he'll be spending the money in July at an emergency budget.

TOPICS:   Banking   Debt   Travel

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