UBS, Citi, JPMorgan, RBS and HSBC fined £1.1bn for forex misconduct

Fines totalling £1,114,918,000 have been levied on five banks by the Financial Conduct Authority because they failed to control conflicts of interest that led to attempted manipulation of G10 spot foreign exchange currency rates. Traders regularly shared confidential information about clients’ business and colluded with traders at other firms, pursuing their own banks’ interests above those of their clients and the wider market.