FCA investigation becomes systems and controls case

But individuals are expected to shoulder more of the blame


The focus of the UK's Financial Conduct Authority's (FCA) investigation into FX benchmarks has shifted to whether dealers had adequate systems and controls in place to prevent wrongdoing, as regulators struggle to connect senior management to allegations of price manipulation.

Initially, the FCA's probe focused on allegations of collusion and price manipulation, but legal experts familiar with the proceedings now expect the regulator to fine banks over lack of controls.

"I have a feeling the FX

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