Wealth Manager - the site for professional investment managers

Register to get unlimited access to 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.
Citywire TV
Brewin's Gutteridge: what's behind the second oil crash?

Brewin's Gutteridge: what's behind the second oil crash?

This week Brewin Dolphin's research head talks to Will Riley, co-manager of the Guinness Global Energy fund, about what next for oil.  

Play AA-rated Bullas: what drove my UK small cap outperformance

AA-rated Bullas: what drove my UK small cap outperformance

AA-rated Richard Bullas has quietly been making a name for himself at the helm of the Franklin UK Smaller Companies fund.

Play Sector spotlight: how Harwood's Philbin is playing emerging markets

Sector spotlight: how Harwood's Philbin is playing emerging markets

Emerging markets have been a rollercoaster for investors, but amid the doom there have been have been bright spots, such as India. 

Your Business: Cover Star Club

Profile: CHI's bond supremo on liquidity and bond risk management

Profile: CHI's bond supremo on liquidity and bond risk management

'Some people have been extremely complacent about rate rise risk. Myself, I wish they would just get on with it.'

Wealth Manager on Twitter