EU fines banks including Barclays, NatWest and HSBC £293m for currency ‘cartel’

The EU has fined banks, including Barclays, NatWest and HSBC, a total of €344m (£293m) for roles in an alleged foreign exchange spot trading cartel.

The European Commission said the UK-based banks agreed to settle the case alongside UBS which avoided a penalty because it had blown the whistle on the activity.

Credit Suisse was the other bank to be handed a fine – of €83m (£71m).