Treasury Select Committee member John Mann MP has welcomed today’s fines announced jointly by the Financial Conduct Authority and the US Commodity Futures Trading Commission totalling approximately £2 billion.
The UK regulator, the FCA has fined five banks for the role their employees played in manipulating foreign exchange trading. Citibank, HSBC, JP Morgan, RBS and UBS have been fined a total of £1.1 billion.
The regulator found that the traders at these banks colluded to make sure that they all put their own interests ahead of their customers and tricked the market.
John Mann said “These banks have broken the law and it’s only right that the FCA has imposed fines on these banks that put their interests ahead of their customers.”
“It has been known for five years that this rigging of the market has been taking place and yet it has been allowed to continue. What is the point of being a chairman or chief executive of a large bank knowing this is going on and being incapable of dealing with it.”
“This fraudulent trading has taken place over a five year period during which time the taxpayer has had to provide massive financial assistance to the banking sector and we have clearly been taken for a fool by the bankers.”
“What must happen now is that the bankers and senior managers are actually held accountable for this behaviour and RBS, the taxpayer owned bank, must ensure that these fines are paid from its bonus pool and not simply taken from its profits.”