Forex scandal: White collar criminals must face jail not fines, say UK experts

Financial penalties expected to hit British banks for Forex rigging will do little to tackle financial crime in the City of London as regulators continue to prioritize high finance over ordinary citizens, experts warn.

British banks could be fined billions in coming months as investors pursue them for rigging foreign exchange (Forex) rates, following a landmark US settlement on Friday.

RBS, Barclays, HSBC and Goldman Sachs were among nine global banks that agreed to the £1.3 billion (US$2 billion) settlement with irate investors who had been affected by the market manipulation.

The New York case is expected to unleash a further flood of claims in London, the largest foreign exchange trading hub in the world. Lawyers say the UK settlements could total tens of billions of pounds.