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FCA in talks with banks over £2bn Forex rigging fines

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.

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  1. Great news, so £2 billion, cost for FCA pa covered for the next few decades then?

    So where will the money from these fines go?

    I am still trying to work out where the last few years monies taken in fines has disappeared to!

    They are fining every area of financial services yet don’t seem to be able to actually regulate and prevent anything!

    Out of interest how much revenue have the regulators raised in fines over the last four years through not doing their job concomitantly?

    Where are the prison sentences, how many have been jailed in the last four years?

    Finally, £2 billion sounds a lot but to these organisations its like spending a penny to go to the loo, so they keep going with there toilet behavior.

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