According to The Telegraph, the regulator is expected to announce a raft of penalties tomorrow with Barclays, Royal Bank of Scotland, UBS, JPMorgan and Citigroup all punished for their parts in the forex manipulation.
The FCA, along with US and Swiss authorities, fined Royal Bank of Scotland, HSBC, JPMorgan, UBS, Citibank and Bank of America Merrill Lynch a total of £2.7bn in November last year.
But unlike the other banks Barclays rejected an early settlement and said it wanted to wait for a co-ordinated settlement with other regulators. This means Barclays will miss out on the 30% early settlement discount the other banks benefited from.
The Telegraph reports that the Barclays fine is likely to be at least £250m, outstripping the fines paid by the other six institutions. The biggest fine the FCA has levied to date was £234m to UBS.
It’s thought the bulk of the Barclays fine will go to the Treasury with George Osborne announcing how he will spend it in the first budget of the new government on 8 July.
