18th May 2015 09:00
LONDON (Alliance News) - The City regulator is set to hand out its largest fine ever to Barclays PLC this week as the bank becomes the latest to settle foreign exchange rate rigging allegations in the UK, The Daily Telegraph reports Monday.
The Financial Conduct Authority is expected to make the bank pay at least GBP250 million, part of more than GBP4 billion in penalties set to be imposed this week on Barclays, The Royal Bank of Scotland Group PLC, UBS AG, Citigroup Inc and JPMorgan Chase & Co for currency rigging. The vast majority of the GBP4 billion will be paid to US regulators.
Barclays was the only bank not to have settled with the FCA back in November, when HSBC Holdings PLC was also fined.
http://www.telegraph.co.uk/finance/newsbysector/epic/barc/11611071/Barclays-set-for-record-UK-bank-fine.html
By Sam Unsted; [email protected]; @SamUAtAlliance
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