LONDON: Barclays has been hit with a record £284.4 million fine by UK regulator the FCA for its role in the global foreign exchange market rigging scandal.
The Financial Conduct Authority said the British bank had failed “to control business practices in its foreign exchange (FX) business in London”. The fine is the largest ever imposed by the FCA.
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Barclays, which opted out of a mass settlement last year that saw six banks agree to pay a total of £2.6 billion in fines, is also expected to payout to US authorities.
The FCA said failings occurred “throughout Barclays’ London voice trading FX business, extending beyond G10 spot FX trading into emerging markets spot FX trading, options and sales, undermining confidence in the UK financial system and putting its integrity at risk”.
Georgina Philippou, the FCA’s acting director of enforcement and market oversight added: “This is another example of a firm allowing unacceptable practices to flourish on the trading floor.
Instead of addressing the obvious risks associated with its business Barclays allowed a culture to develop which put the firm’s interests ahead of those of its clients and which undermined the reputation and integrity of the UK financial system.”
Barclays had already set aside around £2 billion to cover a possible settlement with global regulators.
