On 26 February 2014, the FCA imposed a fine of £4 million (Stage 2: 20% discount) on forex trading firm FXCM for allowing the US based FXCM Group to withhold profits made on favourable market movements worth £6 million between August 2006 and December 2010, in breach of Principle 6 (Customers’ Interests) and Principle 11 (Relations with Regulators) of the Principles of Business. FXCM was also found to have breached the FCA rules by failing to provide information that US authorities were investigating another part of the group for the same behaviour, and that FXCM had paid redress to US customers but not UK customers. The FCA considered these breaches particularly serious. FXCM has also agreed to pay redress to UK customers up to US $9.9 million. The fines imposed on FXCM in part reflected its failure “to be open and cooperative and disclose to the [FCA] appropriately information of which the [FCA] would reasonably expect notice”, namely the fact and nature of the US investigations.