The Financial Conduct Authority (FCA) has fined five banks a total of £1.1bn following its investigation into alleged foreign exchange market manipulation.
The total comprises £225m from Citibank, £216m from HSBC, £222m from JPMorgan Chase Bank, £217m from RBS and £234m from UBS. The fine is the largest ever penalty imposed by the FCA. The US Commodity Futures Trading Commission has also fined the five banks more than £890m in a separate settlement, while the Swiss regulator has fined UBS a further £87m. Regulators are continuing to investigate a sixth bank, Barclays. The FCA is launching an industry-wide programme forcing banks to address the root causes of the failings. The FCA investigation found that between 1 January 2008 and ...
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