Five banks fined £2bn by regulators over forex failings

HSBC, Royal Bank of Scotland, Swiss Bank UBS and US Banks JP Morgan Chase and Citibank have all been collectively fined £2bn by UK and US regulators for trader’s attempted manipulation of foreign exchange rates.

The fines follow a year-long investigation by regulators into claims that the foreign exchange market was being rigged.

A separate probe into Barclays in continuing.

The UK’s Financial Conduct Authority (FCA) and the US regulator, the Commodity Futures Trading Commission (CFTC) issued the fines.

“At the heart of today’s action is our finding that the failings at these banks undermine confidence in the UK financial system and put its integrity at risk,” the FCA said.

Separately, the Swiss regulator, FINMA has penalised UBS 134m Swiss francs.