The City watchdog is expected to hand out its biggest-ever fine to Barclays on Wednesday as the British bank becomes the last major financial institution to settle foreign exchange rigging allegations in the UK.
The Financial Conduct Authority is expected to make Barclays pay at least £250m, outstripping the sums other banks paid out to the regulator in November.
The fine will come as part of more than £4bn in penalties expected on Wednesday for Barclays, Royal Bank of Scotland, UBS, JPMorgan and Citigroup for currency rigging, the vast majority of which will be paid to US regulators.
Barclays was the only one of the five not to settle with the FCA in November, when HSBC was also fined. The bank pulled out at the eleventh hour because it was unable to agree a deal with New York’s Department of Financial Services, which was not investigating the other companies.
Source:The Telegraph