Chris Leslie MP, Labour’s Shadow Chancellor, responding to the further fines for banks engaged in foreign exchange market manipulation, said:

“Surely the time has come for fundamental reform and tougher penalties for banking misconduct.

“If ever there was an example of appalling collusion between bankers putting their own interests ahead of customers, then this is it.

“Ministers refused to act in 2012 when we pressed for broader regulation of financial benchmarks such as those in foreign exchange. We now find out this activity was going on as recently as last year.

“We need to rebuild the reputation of British banking, which plays such a crucial role in our economy.”