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Lack of evidence forces FCA to drop Lloyds trader investigation

FCA05A Lloyds trader will no longer face investigation by the FCA for manipulation of the government bond market after the regulator decided there was no case for him to answer.

According to the Financial Times, the FCA began investigating head of gilts trading Tony Gray in 2015. The probe was only focused on Gray, it was not bank-wide.

The investigation was reportedly separate from the FCA’s probes into Libor and forex rigging.

Lloyds also carried out its own internal investigation into the situation which completed this year.



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There are 4 comments at the moment, we would love to hear your opinion too.

  1. Not good for his career at all.

  2. I wonder if they will issue him with a huge and very public apology and wipe his record clean of anything to do with any investigation for the distress they have caused him, especially now they have stated he does not have any case to answer. It wasn’t as if they prosecuted him and for some technicality they lost. Interesting to see what they do regarding Mr Gray. If it was possible (and it wasn’t our money he would get, should he win) I would hope he would sue the FCA. However, from what I understand, the FCA can only be taken to court to be sued in cases of recklessness and I am not sure how this could be proven, given its definition…. Doing something really stupid, knowing it was really stupid

  3. MM, do you know or can we find out, how much the FCA spent on this folly ?
    Also did the FCA issue a s166 to Lloyds with regards to this case ?

  4. I think that this is a classic point in case, where the person’s identity should not be released until any investigation has been completed and only then where guilt has been established and it is in the public interest (innocent until proven guilty and all that).

    Bad way to go about things by the look of it and it’s not the first time this has happened either, so what is being learned here?

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