Tracey McDermott, FSA director of enforcement
Media playback is unsupported on your device

Barclays fined £290m over manipulation

Barclays has been fined £290m ($450m) for trying to manipulate a key bank interest rate that influences the cost of loans and mortgages.

Its traders lied to make the bank look more secure during the financial crisis and, sometimes - working with traders at other banks - to make a profit.

Barclays said the actions "fell well short of standards". Chief executive Bob Diamond is to give up his bonus.

The Financial Services Authority is now looking into other banks.

Tracey McDermott, director of enforcement at the FSA, spoke to Newsnight.

  • 28 Jun 2012
  • From the section UK