FX traders plan to challenge FCA findings

A group of foreign-exchange traders plan to challenge findings by Britain’s financial regulator in the currency-rigging probe because they weren’t given a right to respond, two people with knowledge of the matter said.

Bloomberg News reports that the group has until tomorrow to submit a challenge against the U.K. Financial Conduct Authority to the Upper Tribunal, the U.K. court with jurisdiction for complaints against the agency, according to the people, who asked not to be identified because the move hasn’t been made public yet.

The FCA last month fined five banks, including Royal Bank of Scotland and Citigroup, $1.7bn for “failing to control business practices”in their spot foreign-exchange units. The watchdog also published message transcripts, and while it didn’t disclose any names, the employees have since argued they are identifiable, the people said. U.K. law requires the FCA to give a person or firm the right to reply to a penalty notice before it is published.

To access the complete Bloomberg News article hit the link below:

FX Traders Said to Plan Challenge to U.K. Regulator’s Settlement

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