An article in FX Week regarding the FCA investigation into the FX benchmark allegations quotes a defense attorney as saying that the findings would become public when the investigation nears its final stages, not before early 2015. In the event of any disciplinary action, it is at this point that warning notices would be publicly issued.
The investigation complexity is driven by the large number of banks alleged to be involved, the wide ranging and voluminous documents expected to be handed over, and as well, the large number of people who will be interviewed.
There are investigations by several national and supranational regulators. It is safe to assume that they will cooperate with each other and that none will be in a position to announce results in the near future.
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