Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

FX rigging as bad as Libor scandal says FCA

2 Comments
FX rigging as bad as Libor scandal says FCA

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.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Your Business: Cover Star Club

Future of finance: are small firms better set for disruptive tech?

Future of finance: are small firms better set for disruptive tech?

Firms need to innovate to keep up with the changing face of financial services says the founder of Boldrocket Andrew Tarver.

Wealth Manager on Twitter