The FCA has this week held talks with major banks about a settlement for the manipulation of global foreign exchange markets that could cost them £2bn in fines, according to reports.
Sky News reports the FCA has met with banks including HSBC, Barclays and Royal Bank of Scotland to outline terms of a deal that could be announced as early as November. Other banks involved include Citi, JP Morgan and UBS.
Senior banking sources have told Sky News that the settlements could cost in the region of £2bn in total, which would be the FCA’s largest ever series of fines for the same offence.
The banks are understood to have agreed an eight-week consultation period with the FCA to try to reach a deal by the end of November.
In October 2013, the FCA confirmed it was investigating a number of firms in relation to foreign exchange trading.
In July 2014, the Serious Fraud Office launched a criminal investigation into alleged forex rigging.
The FCA declined to comment.