Thirty firms placed under FX ‘remediation programme’
Banks and non-banks are included in the scheme
The Financial Conduct Authority (FCA) is understood to have placed a further 30 banks and non-banks with G-10 foreign exchange spot desks under supervisory measures after discovering widespread evidence of poor practice, according to a source.
The move, which goes beyond banks, comes after Citi, Bank of America Merrill Lynch (BAML), HSBC, JP Morgan, Royal Bank of Scotland and UBS were fined a total of $4.3 billion by UK, US and Swiss regulators, following a global investigation into alleged
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