Barclays fined $44M over gold price fix

Britain's Barclays Plc has been fined 26 million pounds ($43.8 million) for failures in internal controls that allowed a trader to manipulate the setting of gold prices, just a day after the bank was fined for rigging Libor interest rates in 2012.

Barclays becomes the first bank to be fined over attempted manipulation of London's 95-year-old gold market daily "fix," according to Fox Business.

"A firm's lack of controls and a trader's disregard for a customer's interests have allowed the financial services industry's reputation to be sullied again," said Tracey McDermott, the Financial Conduct Authority's director of enforcement and financial crime.

The FCA banned Barclays trader Daniel James Plunkett and fined him 95,600 pounds for exploiting weaknesses in the bank's systems.

Read more from Fox Business.

[[In-content Ad]]