FCA fines and enforcement actions in 2012

On 19 October 2012, the Financial Services Authority (the FCA's predecessor) fined Bank of Scotland plc £4,200,000.

On 27 June 2012 the Financial Services Authority (FSA), the FCA's predecessor, fined Barclays Bank £59.5 million — its largest ever fine — for misconduct in the way it submitted rates for LIBOR and EURIBOR, the benchmark interest rates that underpin trillions of pounds of loans and financial contracts. Between 2005 and 2009 Barclays' submissions took account of requests from its own derivatives traders who stood to profit, it tried to influence other banks' EURIBOR submissions, and during the financial crisis it lowered its LIBOR submissions because senior managers were worried about negative media comment on the bank's health. The FSA found Barclays lacked adequate controls over the process and failed to act with due skill and care when concerns were raised internally. Barclays settled early for a 30% discount (the fine would otherwise have been £85 million) and paid a further $360 million to US authorities, bringing the total to about £290 million; within days chairman Marcus Agius and chief executive Bob Diamond had resigned.

On 23 March 2012, the Financial Services Authority (the FCA's predecessor) publicly censured Bank of Scotland plc.