Royal Bank of Scotland sets aside £400m for forex-rigging fines

Bank follows Barclays and Citigroup in preparing for expected penalties – and adds £100m to provision for mis-selling PPI

Further evidence that banks are bracing for stiff penalties for rigging currency markets emerged on Friday after Royal Bank of Scotland set aside £400m to cover the cost of the investigation into the £3.5tn-a-day market.

There were expectations that HSBC, which reports on Monday, would incur a similar charge, which would come on top of moves by Barclays, US banks Citigroup and JP Morgan and Swiss bank UBS to put hundreds of millions of pounds aside to cover penalties from regulators in the US and Britain.

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