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".
George Osborne said Britain has been taking "tough action to clean up corruption by a few so that we have a financial system that works for everyone".
George Osborne said Britain's regulatory response to the financial crisis meant "the world can have confidence in the integrity of Britain's financial markets."
Mr Osborne said:
Some of the key points in the Forex rigging scandal.
Regulators in the UK and US have fined banks more than £2 billion over the foreign exchange (Forex) rigging scandal.