Lawmakers appointed top lawyer Lord Grabiner to investigate Bank of England employees’ assumed role in the forex manipulation scam.
ForexMinute.com – The BOE officials’ alleged involvement in manipulating the currency market will now be under scrutiny of the UK’s high-profile lawyer Lord Anthony Grabiner, the oversight committee decided on Wednesday.
Lord Grabiner, who has been previously involved in several eminent cases, will focus on the possible indulgence of BOE’s top employees in the rigging of forex markets. He will also investigate whether the employees were aware of the manipulation or not.
The news come a week after BOE suspended one of its employees during an internal investigation. The wage earner was involved in escalating crucial internal records to the bank’s top officials. The BOE Governor Mike Carney, alongside other bank’s official, were also called yesterday by the parliamentary committee for grilling over the alleged corruption in the BOE’s hierarchy.
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On Tuesday, Mark Carney admitted to the possible role of Bank of England in rigging the key currency benchmarks, citing enough “evidence†that proves the accusation. The governor’s admittance had indeed put questions over the bank’s governance system, which the lawmakers even called “outdatedâ€.
The FCA and BoE have been demanding an open investigation into the whole matter since their internal investigations were unable to find any major clues to support the allegations. Carney told the committee about the new deputy governor will soon be appointed for supervising banking and markets.
Meanwhile, the committee’s appointing Lord Grabiner indicates that they are expecting quick conclusions of the whole scam. The Financial Conduct Authority will publish the conclusions once the investigation reaches to a decision.
To contact the reporter of the story: Jonathan Millet at john@forexminute.com
