Major UK banks including Barclays, HSBC and Royal Bank of Scotland (RBS) are reportedly planning to set aside hundreds of millions of pounds in the next few weeks to reach a settlement with regulators over forex probe.
The three banks have agreed to set aside total provisions over £500m before reaching a prospective deal with the Financial Conduct Authority (FCA), according to Sky News.
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However, one of the bank is expected to set aside a much higher figure than its expected fine from the UK’s Financial Conduct Authority, amid ongoing discussions with US authorities.
The three banks will set aside provisions when they report third-quarter results at the end of the month.
Last month, FCA unveiled plans to close six banks over alleged rigging of the foreign exchange market in London, which could face fines totaling up to £2bn.
The FCA has set a November deadline for the six banks to finalize their settlement.
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