FCA Takin’ It Easy With Forexgate


You know what turned out to be a real pain in the ass for the U.K.’s Financial Conduct Authority? Going after all of those individual Liborgaters and trying to hold them financially accountable for what they’ve done. Well, it’s not going to make that mistake again.

The U.K. Financial Conduct Authority isn’t planning individual fines on foreign-exchange traders as the regulator nears settlements with the banks they work for, said two people with knowledge of the discussions.

The watchdog is partly trying to avoid the probe dragging on for as long as the Libor-rigging investigation, in which individual traders are being fined, said one of the people, who didn’t want to be identified because the investigation is private.

FX Traders Said to Avoid U.K. Fines as Bank Settlements Near [Bloomberg]