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Wheatley: FX rigging as bad as Libor scandal

by David Campbell on Feb 05, 2014 at 11:11

Wheatley: FX rigging as bad as Libor scandal

Allegations about the banking industry's manipulation of foreign exchange rates have the potential to be 'every bit as bad' as Libor the head of the Financial Conduct Authority has told MPs.

Speaking to the Treasury Select Committee Martin Wheatley said that an investigation into concerns had now been extended to 10 banks. Several, such as RBS and Barclays, have also launched their own internal investigations.

‘The allegations are every bit as bad as they have been with Libor,’ he said. He added that a number of other rate benchmarks operating in London are now being investigated alongside Libor.

He added that the investigation was likely to stretch into 2015.

1 comment so far. Why not have your say?

Bruce Johnson

Feb 05, 2014 at 15:06

Prediction.

Number of bankers that go to jail for this............zip.

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