Bank of England to launch inquiry over claims it allowed forex manipulation

Bank Of England Building

The Bank of England is to launch an independent inquiry into allegations it allowed manipulation of the foreign exchange market.

The Daily Telegraph reports that the Bank’s oversight committee is set to appoint an external heavyweight to run an independent assessment of the Bank’s actions both in relation to the allegations made and how it has handled those allegations.

The heavyweight figure could be a judge, an academic or a City executive. He or she would need to be far enough removed from the Bank to ensure the inquiry is seen as independent.

The Bank’s committee appointed the law firm, Travers Smith, last week to prepare a formal report which will be made public.

Sources have now indicated that Travers Smith is on a fact-finding exercise, rather than an inquiry.

The sources went on to explain that, to eradicate any suspicion of wrongdoing, a 'serious review of the data” was needed to “bring recommendations back to the oversight committee'.

To access the complete Daily Telegraph article hit the link below:

Bank of England to launch inquiry over forex fixing claims

British trust in banks lags other nations'

image: © Ofer Deshe

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