Monique Melis, Partner At Kinetic Partners, Comments On The News That Five Banks Have Been Fined £2bn By Regulators Over Forex Failings

“This is the largest fine ever issued by the FCA. It shows that the regulators are encouraging institutions to conduct market risk assessments and that market conduct is at the forefront of the regulatory agenda.

This example highlights the sophistication of the regulators, not least because they have begun to look into complex areas by implementing better technology and deploying higher caliber experts. This case is the most significant collaboration between the regulators and follows a long line of market conduct scandals. Firms must take a global approach to this as they are under more global scrutiny than ever before and whilst no one has been criminally prosecuted yet, many firms have been reprimanded.

There has been a lot of talk about ‘cleaning up the banks’, specifically their culture and conduct. However, unless this culture change comes from the top down, a new crisis will always be just around the corner.”