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FCA warns more fines are on their way
by Danielle Levy on Jul 18, 2014 at 10:51
The Financial Conduct Authority (FCA) has warned the banking sector to prepare for further fines.
According to the Financial Times, FCA chief Martin Wheatley (pictured) said he found the banking sector's ability to 'constantly surprise with bad conduct' alarming, pointing to the recent news that banks have sent out letters that appear to be from lawyers or bailiffs to get clients to pay off debts, when they are actually from the banks themselves. Six years after the banking crisis, he said it is disappointing that banks still have such conduct issues.
He warned banks should prepare for large fines. Wheatley added the FCA is aiming to complete investigations into allegations of foreign exchange manipulation by 2015. He said investigations into Libor-rigging were also progressing.
The chief also noted the FCA has entered into discussions with banks that operate 'dark pools' used by high-frequency traders, after Barclays faced allegations from the New York Attorney General that it misrepresented benefits to big institutional clients, including pension funds.
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