Bank of England suspends worker over foreign exchange probe

Wednesday 05 March 2014 12.39
Bank of England says it had found no evidence that staff colluded in the alleged manipulation of the forex market
Bank of England says it had found no evidence that staff colluded in the alleged manipulation of the forex market

The Bank of England has suspended a worker after a review of its processes triggered by a probe into the suspected rigging of foreign exchange trading, it said today.

But the bank stressed that it had found no evidence that staff colluded in the alleged manipulation of the forex market.

"It is a matter of public record that the Bank of England has been conducting an internal review into allegations that BoE officials condoned or were informed of manipulation in the foreign exchange market or the sharing of confidential client information," it said in a statement.

"This extensive review of documents, emails and other records has to date found no evidence that BoE staff colluded in any way in manipulating the foreign exchange market or in sharing confidential client information," it added.

But it said that the bank requires its staff to follow rigorous internal control processes and has today suspended a member of staff, pending an investigation by the bank into compliance with those processes.

The bank did not name the suspended individual, but added that it "does not condone any form of market manipulation in any context whatsoever".