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Release Date: 11th November 2014

To access the original FCA document, click here.


The Financial Conduct Authority (FCA) has fined five major banks a total of £1.1 billion for significant control failures in their G10 spot foreign exchange (FX) trading operations. These banks include Citibank N.A., HSBC Bank Plc, JPMorgan Chase Bank N.A., The Royal Bank of Scotland Plc, and UBS AG. These fines stem from activities between January 2008 and October 2013 that compromised the integrity of the UK financial system.

These banks failed to properly manage their FX trading operations, allowing traders to prioritise their profits over their clients’ interests, leading to collusion, manipulation of the FX market, and misuse of confidential information. This conduct not only breached the trust of clients but also undermined the operational integrity of the financial markets.

In response, the FCA is implementing an industry-wide remediation program to address the root causes of these failings and improve overall standards. This program requires significant managerial oversight and a commitment to changing internal cultures and practices within these institutions.

Key Takeaways for Other Firms:

This action, including the record fines imposed, signals the FCA’s commitment to maintaining the integrity of the financial markets and its willingness to take stern action against firms and individuals that undermine that integrity. It underscores the need for firms to maintain high standards of conduct and to rectify any identified deficiencies in their operational and compliance practices.

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