Bigger Fines in Less Time for FX Reveal Libor Lessons Learned

British regulators are closing in on a settlement in their currency-rigging probe that will yield bigger penalties for more banks in less than half the time spent investigating Libor.

The Financial Conduct Authority is poised to reach a settlement as soon as this week with six banks, which together have set aside about $5.3 billion in recent weeks for legal matters including the currency investigations, people with knowledge of the talks have said. That’s less than a year and a half since the agency disclosed it was looking into the matter.