On 12 November 2014, the FCA issued Final Notices collectively fining five banks £1.1  billion for alleged FX rigging. The Final Notices state that between 1 January 2008 and 15 October 2013 ineffective controls at the banks allowed G10 spot FX traders to put their banks’ interests ahead of those of their clients, other market participants, and the wider UK financial system. The cross-bank settlement (a first of its kind for the FCA) resulted in the issue of template Final Notices for each of the banks, which set forth alleged individual examples of relevant behaviour. The Final Notices contain statements as to how market-wide issues effect firms, as well as expectations of the proactive work that the FCA will require from firms in order to identify such issues and establish systems to address them. The fines are the largest ever imposed by the FCA, or its predecessor. The running total below shows that the FCA fines for 2014 (even with the sharp increase for LIBOR-related fines in recent years) have already exceeded, by almost £1 billion, the fines levied in 2013. Barclays is not reported to have agreed to a settlement at this stage, however the FCA has stated that it will continue to progress its investigation into the firm which will cover its G10 spot FX trading business and also wider FX business areas.