Five banks hit with fines totalling £2bn over FX failings

The FCA’s £1.1bn fine is a record for the UK watchdog. The US regulator, the Commodity Futures Trading Commission, has fined the same banks a total of more than $1.4bn (£900m), the BBC reports. The FCA's portion of the £2bn bill comprises £225m from Citibank, £216m from HSBC, £222m from JPMorgan Chase Bank, £217m from RBS and £234m from UBS. The fine is the largest ever penalty imposed by the FCA.  The regulator is also continuing to investigate a sixth bank, Barclays. It is launching an industry-wide programme forcing banks to address the root causes of the failings.  The BBC r...