Lloyds Banking Group to review its operations
Lloyds Banking Group is launching an internal review of its foreign exchange trading operations as a number of its rivals are drawn in to a worldwide probe in to alleged rate-rigging.
The bank, 33% owned by the taxpayer, is not itself subject to a formal investigation but has been asked by the Financial Conduct Authority (FCA) to review its operations and report irregularities.
Lloyds said it would be "prudent" to do so, given the probes in to foreign exchange (forex) trading by UK and overseas regulators.
Sources stressed the bank was not a major player in the foreign exchange market.
It is understood that no traders at Lloyds have been put on leave, suspended or had contracts terminated in relation to the matter.
Royal Bank of Scotland and Barclays have also been drawn in to the probe, with traders reportedly suspended.