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.