MP urges new look into BoE's role in FX scandal
Conservative MP Jesse Norman called on Monday for a new look into the Bank of England's (BoE) role in a foreign exchange rigging scandal.
Norman said the original investigation was too narrow, as it did not focus on what facts ought to have been known by authorities.
BoE's chief Mark Carney told the Treasury select committee that Lord Grabiner, who was in charge of the bank's investigation, had “free rein” to conduct his inquiries.
"The Grabiner report is manifestly inadequate," Norman wrote in an online opinion piece in the Financial Times on Monday.
It leaves a shadow of doubt over an institution that aspires to be above suspicion
"It does not resolve the question of whether BoE officials, including senior staff, were negligent or otherwise at fault. It leaves a shadow of doubt over an institution that aspires to be above suspicion."
“The bank categorically rejects the assertion that it set the terms of the Grabiner inquiry too narrowly," the BoE said in a statement.
Six global banks were fined last week more than $10bn by US and UK authorities by their involvement in the alleged rigging of foreign exchange markets.
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