Six banks fined £2.6bn by regulators over forex failings|BBC


Six banks have been collectively fined £2.6bn by UK and US regulators over their traders’ attempted manipulation of foreign exchange rates.

HSBC, Royal Bank of Scotland, Swiss bank UBS and US banks JP Morgan Chase, Citibank and Bank of America have all been fined.

A separate probe into Barclays is continuing.

The fines were issued by the UK’s Financial Conduct Authority FCA and two US regulators.

The country’s Commodity Futures Trading Commission CFTC issued fines of $1.4bn to five banks, while the Office of the Comptroller of the Currency OCC added $950m in further fines to three lenders.

Separately, the Swiss regulator, FINMA, has penalised UBS 134m Swiss francs.

Barclays, which had been expected to announce a similar deal to the other banks, said it would not be settling at this time. “After discussions with other regulators and authorities, we have concluded that it is in the interests of the company to seek a more general coordinated settlement,” it said in a statement.

Forex failings “let down public trust”FCA boss Martin Wheatley told the BBC: “This isn’t the end of the story.””The individuals themselves will face the consequences,” he said.

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