
FCA warns of more fines if culture does not change – FX Week Europe
Director of enforcement Tracey McDermott delivers keynote

The director of financial crime and enforcement at the UK Financial Conduct Authority (FCA) has warned if banks continue to fail in addressing cultural changes to prevent future misdemeanours, the regulator will come down hard on them, as it has done recently over misconduct around foreign exchange benchmarks.
Speaking at FX Week Europe in London, Tracey McDermott gave a sobering keynote address to industry participants, warning that firms and individuals alike should bear responsibility for the
More on Foreign Exchange
Average reported daily UK FX turnover hits record high
Daily turnover of $2,881bn in October 2019, up 2% from previous high of $2,821bn in April
PBoC injects 1.2 trillion yuan as markets plunge
Chinese central bank eases to support economy as coronavirus spreads; Q1 GDP growth could drop to 4%
Spot volumes on platforms resumed downward trend in 2019
But an uptick was seen in FX swaps and forwards submitted for settlement
PBoC extends market closure as coronavirus spreads rapidly
Chinese central bank extends interbank markets closure and vows to maintain ample liquidity