Settlement expected with UK regulator for six banks

JP Morgan, which has just increased its legal provisions by US$1.1b, is one of six banks which expect to settle forex allegations with the UK's Financial Conduct Authority (FCA) in the next few weeks.

The others are UBS, Citigroup, Royal Bank of Scotland and Barclays. Some of the banks are also in discussions over other allegations with the Federal Reserve, the New York Department of Financial Service, the US Ministry of Justice and the Commodity Futures Trading Commission. 


HSBC posted a US$378m provision on UK regulatory costs this week. Citibank posted a US$600m legal charge. Source: Financial Times

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