http://citywire.co.uk/new-model-adviser/news/barclays-fined-1-5-billion-over-forex-failings/a816252?ref=new-model-adviser-todays-news-listBarclays has been fined £1.5 billion by UK and US regulators over foreign exchange (forex) failings. The £1.5 billion fine includes a £284 million fine by the Financial Conduct Authority (FCA), which is the largest financial penalty ever imposed by the FCA, or its predecessor the Financial Services Authority (FSA). US regulator the Commodities Futures Trading Commission has fined Barclays $400 million (£257 million), the New York State Department of Financial Services $485 million (£311 million) and the U.S. Department of Justice (DOJ) $710 million (£456 million). Barclays is one of five institutions including Royal Bank of Scotland, JPMorgan Chase , UBS and Citigroup that have been fined a total of almost £4 billion over the manipulation of foreign exchange rates. The FCA said that Barclays’ failure to adequately control its forex business was particularly serious in light of its potential impact on the systemically important spot forex market.
