UK MP Questions Narrow Focus of BOE FX Probe

March 3, 2015 Share Print 0

The Bank of England has come under attack for failing to properly investigate its role in the rigging of foreign exchange markets.

In a report commissioned by Jesse Norman, the Conservative MP and a member of the Treasury select committee, a leading British barrister said the Bank set very low tests for its inquiry into the scandal.

Charles Béar QC suggested a Bank-commissioned review by another barrister, Anthony Grabiner QC, was so narrow that it did not hold officials up to sufficient scrutiny.

Béar said: “The upshot is … that the performance of the Bank’s officials at various levels has not been subjected to scrutiny in the way in which professional people are normally assessed when a serious problem comes to light.

“The broader question of serious professional misconduct, which would be a standard part of an equivalent investigation in other spheres of life, was not part of the reference.”

via The Guardian

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.