On May 20, 2015, the FCA imposed a fine of £284.4 million on Barclays Bank PLC for failing to have adequate systems and controls in place over its FX business in London. The FCA considered that the failings were particularly serious because of the potential impact on the systematically important spot FX market. The failure by the bank to have the necessary systems and controls in place led its traders to engage in misconduct such as inappropriate sharing of information of clients’ activities, attempts to manipulate spot FX currency rates and colluding with traders at other firms.

The FCA’s final notice is available at: https://www.fca.org.uk/news/press-releases/fca-fines-barclays-for-forex-failings