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BoE begins internal investigation over forex manipulation claims

The Bank of England (BoE) has launched an internal investigation after claims that an official was aware of foreign exchange fixing.

Andrew Bailey, deputy governor of the bank, told the Treasury Select Committee that the bank takes the allegations "extremely seriously" and will be looking into claims that a BoE official told banks they were allowed to share information about the positions of various clients.

Mr Bailey said: “The Bank of England does not condone any form of market manipulation.”

He told MPs at the committee that the bank had not been provided with any evidence to back up the claims, which first appeared in a Bloomberg News report citing a whistleblower.

The unnamed senior trader is said to have told the Financial Conduct Authority (FCA) that Bank officials knew about the alleged practices and did not make any effort to stop them.

Martin Wheatley, chief executive of the FCA, has said that the allegations regarding fixing in the foreign exchange market meant any rigging could be "every bit as bad as they have been with Libor," if proven.

By Claire Archer