Deutsche Bank fined £1.6bn for rate-rigging

A leading City bank is to pay a record £1.6bn fine as part of a settlement with US and UK regulators over the rigging of interest rates.

Deutsche Bank’s fine from the UK’s Financial Conduct Authority (FCA) amounted to a record £227m after the watchdog found traders manipulated rate submissions between January 2005 and December 2010. The FCA also accused the lender of repeatedly misleading it.