The Financial Conduct Authority fined several banks for their misconduct in the FX market. On the back of the fines and findings from the investigations, the FCA launched an FX market wide remediation programme. Through the remediation programme, the FCA asked a number of firms to perform self-assessments against specific FX-related risks and provide attestations to the FCA.

FCA FX specified risk

Through their market wide remediation programme the FCA identified a number of risks and behaviours that contributed to miscondut:

FCA FX fines

Firm Fine (million USD) Date
Barclays 446 20 May 2015
Citibank 358 12 Nov 2014
HSBC 343 12 Nov 2014
JPMorgan 352 12 Nov 2014
RBS 344 12 Nov 2014
UBS 371 12 Nov 2014
Total 2,214