Buxton: Barclays record fine is just tip of the iceberg

Barclays record FSA penalty for LIBOR manipulation will be superseded by other banks' fines as the investigation deepens, according to Schroders' Richard Buxton.

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...