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.