By Jonathan Davies

Barclays is expected to receive the largest ever fine handed to a UK bank over its involvement in the alleged rigging of foreign exchange markets.

City regulator, the Financial Conduct Authority (FCA) is expected to hand Barclays a fine of at least £250 million. The biggest fine issued by the FCA so far is £234m to UBS.

The fine is likely to come on Wednesday, and will add to the already £4bn pot of fines issued to the likes of Royal Bank of Scotland, HSBC, UBS, JPMorgan and Citigroup. The majority of the fines will go to US Department of Justice.

Barclays was the only bank not to settle the allegations in November. It means that it did not qualify for the 'early settlement discount' of 30%. Barclays may be eligible for some discounts, but nowhere near the full 30%.