BOE Bolsters Oversight with New Deputy Governor

Mark Carney, the Governor of the Bank of England, pledged to appoint a new Deputy Governor at the Bank to lead a “root and branch” review of its strategy, after suspending an official over the foreign exchange market manipulation scandal.

Carney claimed that there was “no evidence” any Bank of England official had condoned manipulation of the foreign exchange market, as he faced down tough questioning from U.K. members of parliament (MPs).

He defended the Bank against MPs’ suggestions it should have been more alert to the possibility of foreign exchange market manipulations, after the matter was raised as part of regular meetings between the Bank and market participants, some of whom have since been arrested over the scandal.


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