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Release Date: 11th November 2014

To access the original FCA document, click here.


The Financial Conduct Authority (FCA) has imposed a total fine of £1.1 billion on five major banks for significant failings in their G10 spot foreign exchange (FX) trading operations. The banks, Citibank N.A., HSBC Bank Plc, JPMorgan Chase Bank N.A., The Royal Bank of Scotland Plc, and UBS AG, were found to have inadequate controls that failed to prevent business practices undermining the integrity of the UK financial system.

The investigation, which covered activities from January 2008 to October 2013, revealed that traders at these banks engaged in practices that prioritised their own interests over those of their clients and the market. Notably, traders shared confidential client information, attempted to manipulate FX rates, and colluded across firms, thereby compromising market fairness and transparency.

This enforcement action by the FCA, the largest ever imposed by the regulator or its predecessor, the Financial Services Authority (FSA), reflects the severity of the misconduct and is part of a broader initiative that includes an industry-wide remediation programme. This programme mandates firms to address the root causes of these failings and ensure compliance improvements.

Key Takeaways for Other Firms:

The FCA’s coordinated action with other global regulators, including the Swiss regulator FINMA and the US Commodity Futures Trading Commission (CFTC), highlights the international effort to uphold market standards and restore trust in the financial services industry. This comprehensive approach underscores the importance of systemic reforms to enhance market integrity and protect consumer interests in the global financial markets.

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