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Bank of England suspends staff member after forex probe

The Bank of England has suspended a member of staff after carrying out an internal review into allegations that Bank officials condoned manipulation in the foreign exchange market.

In an announcement today, the Bank says its review has to date found no evidence that its staff colluded in any way in manipulating the foreign exchange market or in sharing confidential client information.

However, the Bank says it has suspended a staff member, pending investigation of compliance with its internal control processes.

The Bank has today re-iterated its guidance to staff regarding management of records and escalation of important information.

The Oversight Committee of the Bank’s Court of Directors will also lead an investigation to assess whether Bank officials were involved in attempted or actual manipulation of the foreign exchange market, or were aware of attempted or actual manipulation.

The review will also assess whether officials were involved in the sharing of confidential client information, or aware of the sharing of such information for the purposes of transacting business in the foreign exchange market.

The Oversight Committee has appointed law firm Travers Smith to prepare a report, which has been assisting the Bank with its internal review.

The Bank says no decision has been taken on disciplinary action against any member of staff, and that it continues to support the FCA’s investigation into the foreign exchange market.

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