FCA ruling upheld by the UK Upper Tribunal finds Banque Havilland and two ex-employees schemed to weaken the Qatari riyal for profit, resulting in multi-million-pound fines and bans for market manipulation

The bank created a document nicknamed “Setting fire to the neighbour’s house fund”, outlining trades aimed at weakening Qatar’s currency peg to gain business advantage. The Tribunal confirmed misconduct but reduced the bank’s fine from £10 million to £4 million, while fines for the two individuals were also imposed, and both were banned from working in financial services. The FCA called the conduct a case of greed and emphasized holding those responsible accountable…