UK watchdog says Barclays only bank left in its forex probe

UK watchdog says Barclays only bank left in its forex probe

LONDON - Britain's Financial Conduct Authority said Barclays was the only bank it was still investigating in relation to alleged manipulation of currency markets.

"Barclays is the only bank that we are currently investigating from an enforcement perspective," FCA director of enforcement Tracey McDermott told a news conference.

Barclays had been expected to be part of a coordinated settlement on Wednesday when the FCA fined five banks US$1.7 billion.

McDermott said the watchdog had set out to achieve a coordinated settlement with Barclays as well.

"Barclays concluded that was not the right thing to do. That was a decision for Barclays," McDermott said.

When asked about how much of the total penalty the FCA would take to cover costs, McDermott said FCA would expect to receive roughly 40 million pounds (S$82 million, US$63.7 million).

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