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12/11/2014
Banks Fined For Manipulating Exchange Rates
The Royal Bank of Scotland and HSBC are among five banks collectively fined £2 billion for attempted manipulation of foreign exchange rates.
The Financial Conduct Authority (FCA) has worked alongside the US Commodity Futures Trading Commission (CFTC) to fine RBS and HSBC, along with JP Morgan Chase and Citibank in the US.
Swiss bank UBS was fined separately by Swiss regulator FINMA.
The fines have been issued following an investigation into claims that foreign exchange markets were being rigged. Banks buy and sell foreign currency between each other.
It is understood an investigation into Barclay's is ongoing.
(MH/CD)
The Financial Conduct Authority (FCA) has worked alongside the US Commodity Futures Trading Commission (CFTC) to fine RBS and HSBC, along with JP Morgan Chase and Citibank in the US.
Swiss bank UBS was fined separately by Swiss regulator FINMA.
The fines have been issued following an investigation into claims that foreign exchange markets were being rigged. Banks buy and sell foreign currency between each other.
It is understood an investigation into Barclay's is ongoing.
(MH/CD)
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Financial regulators have fined the Royal Bank of Scotland (RBS) £56m over a 2012 software issue that left millions of customers unable to access their money and wrongly charged as a result. The bank had begun an upgrade of system software across its business, which includes NatWest and Ulster Bank.
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Barclays Sets Aside £500m For Currency Rigging Fines
Barclays has set aside £500m to cover costs from investigations into suspected manipulation of the foreign exchange market. The firm has also put aside an extra £170m for consumers who were wrongly sold PPI.
Barclays Sets Aside £500m For Currency Rigging Fines
Barclays has set aside £500m to cover costs from investigations into suspected manipulation of the foreign exchange market. The firm has also put aside an extra £170m for consumers who were wrongly sold PPI.
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