Answers Wanted on Forex

Treasury Select Committee Member John Mann MP has today written to several of the banks fined by the FCA this week over their traders’ manipulation of the Foreign Exchange bench mark.

The fines levied by the regulator of £217,000,000 on RBS and £216,363,000 on HSBC were for the actions of the banks, its report made no mention of individual traders who were guilty of ripping their customers off.

In a letter to the heads of RBS and HSBC John Mann has asked them how many of the traders and their managers who carried out the manipulation of the bench mark are still employed by the banks.

John Mann said “Yet again the major banks have been fined for breaking the law. What the FCA report shows is that the banks simply refuse to change their behaviour and see nothing wrong in ripping their customers’ off”

“We need to know if these individuals are still working for these banks given their appalling behaviour, and if they are, why.”

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