FCA hits Barclays with record £284m fine over forex rigging

The Financial Conduct Authority (FCA) has fined Barclays a record £284m for 'unacceptable practices' relating to forex trading, as five other global banks are also hit with heavy penalties.

The penalty of £284,432,000 relates to the bank's failure to control business practices in its foreign exchange (FX) business in London. It will also pay fines to US regulators, talking its total payout to £1.5bn. Barclays had set aside more than £2bn to cover the fine - the lower actual figure helped lift the bank's shares 3% to 271p this afternoon. The £284m fine is the largest financial penalty ever imposed by the FCA, or its predecessor the Financial Services Authority (FSA). It comes as the US Department of Justice confirmed Barclays is among six financial institutions which w...