Six banks in crosshairs of FCA over FX investigation

London

The City regulator was closing in on six banks at the centre of alleged rigging of the foreign exchange market in London on Friday, which could face fines totalling up to £2 billion.

The London Evening standard reports that the Financial Conduct Authority has written detailed letters in the past week to each of the six banks at the highest level setting out detailed allegations about their role in manipulating key forex benchmarks and the scale of the fines it plans to impose on each of them.

Taxpayer-owned Royal Bank of Scotland, Barclays, HSBC, UBS, JPMorgan and Citigroup are believed to have received letters.

The letters have been sent alleging that the banks have committed breaches of the regulator’s systems and controls rules.

This is a 'catch-all' offence which enables the FCA to deal with firms which it regulates when they commit offences in unregulated areas of the financial markets.

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FCA closing in on six banks over London forex probe

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