BOE’s Governor to be Probed Today by Treasury Select Committee

Lawmakers will grill the BOE’s governor Mark Carney, and other top officials, for their alleged role in the recent forex manipulation scam

ForexMinute.com – Bank of England Governor Mark Carney, along with other top officials, are scheduled today to face the UK lawmakers, owing to an investigation regarding their alleged role in the recent forex manipulation scam.

The independent oversight committee will put forth some really tough questions before Carney, BOE’s Executive Director of Markets Paul Fisher, and other top officials, to figure out whether they were “condoned or were informed of manipulation in the foreign exchange market or the sharing of confidential client information.”

“The statement on the internal review is only an early staging post in what is likely to develop into a very significant issue,” said Simon Hart, a lawyer at RPC LLP in London. “The statement left open as many questions as it answered. It was noticeably silent on what the Bank knew about other FX market participants.”

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BOE had previously denied its role in forex scam. But internal investigations later revealed the possible role of one of its employees in this matter. The bank had suspended the same employee few days earlier for unethically elevating crucial information to senior-most officials, raising suspicions that the big sharks inside BOE were aware of manipulation, and did nothing to prevent it.

We have reported earlier about BOE’s MP Mark Garnier contrasting to the whole speculation. The member of the BOE’s parliament questioned, “Why were they not referring it to the regulator?” while pressing urgency to get to the bottom of such corruption. He then expressed his plans to raise the same question with BOE’s Gov. Mark Carney.

To contact the reporter of the story: Jonathan Millet at john@forexminute.com