The Financial Conduct Authority is closing in on a deal that will see six banks paying around £1.5bn in fines over the role played by some of their traders in trying to fix London’s £3trn-a-day foreign exchange market.
City sources say the six remain locked in talks with the City watchdog over a deal that could settle the UK end of what has become a multinational investigation. However an agreement could be reached this week, although next week is more likely.
By settling at this stage banks will qualify for a 30% discount on fines handed to firms that settle disciplinary cases early.
Source: London Evening Standard