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Britain Fines Five Banks £1.1bn Over Forex Rigging

Britain Fines Five Banks £1.1bn Over Forex Rigging

Britain’s Financial Conduct Authority on Wednesday imposed fines totalling £1.1 billion ($1.7 billion, 1.4 billion euros) on five banks to settle allegations of foreign exchange rigging.

The FCA regulator said in a statement it had fined British banks HSBC and Royal Bank of Scotland, US groups Citibank and JPMorgan Chase, and Swiss bank UBS, for “failing to control business practices in their foreign exchange trading operations”. Each will pay in excess of £200 million, while Barclays was not included in the setttlement but is still being investigated.

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