On 11 November 2014 the FCA fined HSBC Bank plc £216,363,000 for failing to control its G10 spot foreign-exchange voice trading business in London.
The FCA said ineffective controls between 1 January 2008 and 15 October 2013 let traders put their banks’ interests ahead of those of clients and other market participants. Citibank, JPMorgan Chase, RBS and UBS were fined in the same action.
Including a parallel penalty from the US Commodity Futures Trading Commission, HSBC’s combined cost from the currency scandal was reported at about £389 million.
The evidence
3 sources- Exhibit AFinal Notice: HSBC Bank plc (G10 spot FX)Financial Conduct Authority · 11 November 2014 · fca.org.ukOfficial record
- Exhibit B2014 fines tableFinancial Conduct Authority · fca.org.ukOfficial record
- Exhibit CFCA fines five banks £1.1bn for forex rigging, Barclays probe continuesSharecast · 12 November 2014 · sharecast.com
Last checked 2 November 2026. Something wrong or out of date? Tell us and we’ll correct it.