Currency firms have made "real improvements" to their culture and controls following a remediation programme, which was set up to address failings at six banks, the regulator has said.
Citibank, HSBC, JP Morgan Chase Bank, RBS, UBS and Barclays were fined more than £2bn in 2014 after the Financial Conduct Authority (FCA) found ineffective controls had allowed traders to share confidential information on clients and collude with others at rival firms in a bit to manipulate the G10 spot FX currency rates. In a recent update, the FCA said UK foreign exchange (FX) firms had successfully addressed the causes which had led to the failings at the time. It now wants all firms to implement the steps outlined in the programme and to build on the improvements. The remediati...
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