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Banks fined more than £2bn over Forex rigging scandal

Regulators in the UK and US have fined banks more than £2 billion over the foreign exchange (Forex) rigging scandal.

The Financial Conduct Authority said it was imposing the fines for "failing to control business practices in their G10 spot foreign exchange".

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Economic Secretary to the Treasury: Forex rigging 'disgusting'

Economic Secretary to the Treasury Andrea Leadsom has called the foreign exchange rigging scandal "disgusting."

Speaking on BBC Radio 4's Today Programme, she said:

Every taxpayer will be completely horrified to see that throughout that period of the financial crisis where taxpayers were bailing out the financial system, there was still a group of foreign exchange traders, and other traders, who decided they would rig the system to suit their bonuses - and that is absolutely disgusting.

I do not know if corruption is a strong enough word for it.

– Andrea Leadsom

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