Several of the world's largest banks are fined record sums for improper financial conduct.

FOX News Radio's Simon Owen reports from London:

JP Morgan Chase, Citibank and three others fined a record 3.4 billion dollars -- by regulators in the U.S., Switzerland and here in London.

(Wheatley) "I think it reflects the seriousness of the failings that we've uncovered."

Martin Wheatley with the UK's financial regulator saying the banks failed to get to grips with traders who tried to manipulate the foreign exchange market -- which is worth 5 trillion dollars daily.

(Wheatley) "Failings like this seriously undermine confidence in the market and undermine the attempts to genuinely reform banking culture."

Critics say the fines aren't big enough.

In London, Simon Owen, FOX News Radio.