The FCA has imposed fines totalling $1.7 billion on five banks for failing to control business practices in their G10 spot foreign exchange (FX) trading operations. The fine is the largest ever imposed by the FCA, or its predecessor the FSA, and is the first time the FCA has pursued a settlement with a group of banks in this way.

The FCA is also conducting broader reviews into how effectively firms reduce the risk of traders manipulating benchmarks and ensure confidential information is not abused, and will look at how firms manage conflicts of interest. It will use its findings to inform a remediation programme which will complement its ongoing supervisory work and the wider reforms to the fixed income, commodity and currency markets which are subject to the UK Fair and Effective Markets Review.

View FCA fines five banks £1.1 billion for FX failings and announces industry-wide remediation programme, 12 November 2014