Sentence examples for penalties for rigging from inspiring English sources

The money broker Icap, run by former Conservative party treasurer Michael Spencer, is still facing penalties for rigging yen Libor.

The boss of Barclays has been forced to defend his £5.5m pay packet as the bank set aside £1.25bn in preparation for a wave of fines and penalties for rigging foreign exchange markets.

The banks, which have been hit by billions of pounds of Libor fines in the last three years and admit they face further penalties for rigging other markets such as metals, faced a torrent of criticism.

HSBC has already been fined £1.2bn for breaching money-laundering rules and Royal Bank of Scotland and Barclays hit with major penalties for rigging Libor, but over the past two weeks Britain's major banks have warned shareholders of the wide range of investigations they still face that could lead to even more fines.

"One of the areas where we have received information that we are looking at very, very carefully is forex [foreign exchange]." The latest fines – the first levied on a financial cartel by Europe since the banking crisis began – take the total penalties for rigging Libor and other key interest-rate benchmarks to £3.5bn.

Profits at Lloyds Banking Group more than halved in the first six months of the year as its bill for the payment protection insurance (PPI) scandal increased by £600m and it paid out penalties for rigging interest rates.

HSBC warned it was braced for a $378m£237m7m) penalty for rigging currency markets, taking the total amount set aside by Britain's banks over the scandal to more than £1bn.

The Financial Conduct Authority – levying its sixth penalty for rigging the benchmark interest rate – reduced the fine to £900,000 and then applied a further discount to reward the firm's co-operation, taking the amount finally demanded to just £630,000.

It became the sixth bank worldwide to confirm a potential penalty for rigging the £3.5tn-a-day currency markets but was the first to give a clear picture of the scale of the fine likely to be imposed by the Financial Conduct Authority, the UK regulator that is aiming to announce a coordinated settlement with the six later this month.

It was among six major banks hit with £2.6bn of penalties in November for rigging the foreign exchange markets, where £3.5tn changes hands each day.

Steward's appointment comes after a swath of fines on the industry, including record penalties on banks for rigging foreign exchange and interest rate markets, as well as for mistreatment of customers.