Barclays bank faces a financial penalty of £284,432,000 after the Financial Conduct Authority (FCA) found it guilty of failing to control its foreign exchange (FX) business. This is the largest financial penalty ever imposed by the FCA, or its predecessor the Financial Services Authority (FSA).
Barclays’ failure to control its FX business adequately was deemed by the FCA as particularly serious in light of its potential impact on the systemically important spot FX market.
The failings occurred throughout Barclays’ London voice trading FX business between 1 January 2008 and 15 Octo...
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