Banks could face record fine over currency rigging

Watchdog warns RBS, HSBC, JP Morgan, Barclays, Citi and UBS they face multimillion-pound penalties that could top Libor payout

Six major banks caught up in the investigation into rigging the £3.5tn-a-day currency markets are being pressed by the regulator to agree to fines and public reprimands in the next eight weeks.

The Financial Conduct Authority (FCA) held discussions with each of the banks this week to warn them that they faced multimillion-pound penalties that could surpass the £160m levied on the Swiss bank UBS for rigging Libor the biggest UK fine yet.

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Source Network Front | The Guardian http://ift.tt/1DCA6WW

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