US and British regulators are planning to work together to reach a settlement with six global banks over forex probe.
The banks are estimated to be fined a total of about £1.5 billion. The six banks include UBS, JPMorgan, Citigroup, HSBC, Barclays and Royal Bank of Scotland (RBS).
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The US Commodity Futures Trading Commission, US Office of the Comptroller of the Currency and the Federal Reserve are set to join UK’s Financial Conduct Authority (FCA) to finalize the settlement.
The FCA is planning to release the coordinated settlement with the banks on 12 November.
Sources said that the FCA could fine one bank between £300m and £400m, and the other five are expected to be fined £200-£300m.
The UK settlement will be based on banks’ lax internal compliance, oversight failures as well as market conduct violations by individual employees.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataHowever, the settlement is not intended to resolve a criminal probe by the US Department of Justice and may also not cover a probe by the New York’s Department of Financial Services.
Meantime, the US Commodity Futures Trading Commission is set to reach a settlement with a group of banks, which will not include the same group of banks as in the UK deal.
