Belfast Telegraph

Suspension sparks rigging fears

By Nick Goodway

The Bank of England has suspended a member of staff as it stepped up the pace of its review into whether it knew of, or even condoned, alleged rigging of the multi-trillion-dollar-a-day foreign exchange market.

The suspension will lead to suspicions that at least somewhere within the central bank there was knowledge or, at least, worries over the foreign exchange market.

Martin Wheatley, chief executive of the Financial Conduct Authority, has warned that the forex rigging scandal could be "every bit as bad" as the Libor rigging one. At least 15 banks are under investigation by regulators worldwide over forex rigging claims.

The bank, under Governor Mark Carney, started an internal review into allegations its officials "condoned or were informed of manipulation in the foreign exchange market or the sharing of confidential client information" in December.

Belfast Telegraph