Pinterest: Conduct Authority and Case

pinterest: Facebook Twitter Pinterest RBS said it had made changes to its controls, according to The Guardian. Photograph Philip Toscano/PA The commission's penalty adds to the 1.3bn in fines imposed by the UK Financial Conduct Authority in 2014 over the same case. The European commission said the banks, which also include Citigroup, JP Morgan and MUFG Mitsubishi UFJ Financial Group formed two cartels to manipulate the spot foreign exchange market for 11 currencies, including the US dollar, the euro and the pound. While the FCA's penalty focused on the lender's breach of regulations, the EU's fine deals with how their behaviour dampened competition. The banking industry has been hit with billions in fines worldwide over the last decade for rigging benchmarks used in many day-to-day financial transactions, and are now at risk of private lawsuits. These cartel decisions send a clear message that the commission will not tolerate collusive behaviour in any sector of the financial markets, the European competition commissioner, Margrethe Vestager, said in a statement. (news.financializer.com). As reported in the news.