FCA to review fine volume after record-breaking year

The Financial Conduct Authority (FCA) is to review how and how much it fines businesses amid complaints from banks about the rise of high penalties.

FCA fines have hit record levels after investigations into the alleged rigging of LIBOR interest rate benchmarks and the foreign exchange market. Financial services has been hit with a total of £1.39bn in penalties since April, more than three times the £425m levied in the whole of the 2013-2014 financial year, which at the time was a new high. Almost all of this year's total is attributed to the £1.1bn five banks paid to the FCA last month to settle allegations they attempted to rig forex, one of the biggest financial markets in the world. The fines were part of more than $4bn in ...