Banks ‘fail to learn’ from rigging scandal

Tracey McDermott, the FCA’s incoming interim chief ­executive, says the findings are disappointing
Tracey McDermott, the FCA’s incoming interim chief ­executive, says the findings are disappointing

Despite billions of pounds in fines, several years of investigations and a slew of criminal prosecutions, many banks have yet to take on board the lesson of the market-rigging scandals, a report by the City watchdog has found.

In a series of damning findings, the Financial Conduct Authority said that some lenders had yet to take even basic steps towards ensuring there could be no repeat of the Libor, foreign exchange and gold price manipulation scandals.

A study by the regulator said that six unnamed banks remained ignorant of the fact that their trading data could be used to influence key financial benchmarks, while one had still not put in place any kind of oversight of its submissions process.

The findings come even though global