Buxton: Barclays record fine is just tip of the iceberg

The Financial Services Authority fined Barclays £59.5m this week for significant failings in relation to LIBOR and EURIBOR, after it attempted to profit from the settlement process. The fine was the largest-ever fine by the FSA, and was accompanied by a further £230m in penalties from US regulators. But Barclays qualified for a 30% discount on its UK penalty under the FSA's settlement discount scheme, after working with the FSA. Without the discount the fine would have been £85m, and Buxton suggested that had implications for others involved in the probe. "Barclays will likely h...