Bank of England’s forex probe under US scrutiny

Charlotte Henry
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THE US Department of Justice (DoJ) is extending its probe into foreign-exchange market wrongdoing.

It has requested an interview with senior forex trader James Pearson at the RBS, who had frequently discussed forex matters with the Bank of England (BoE), about who at the Bank knew of manipulation of the forex market.

Attempts to secure the interview were done in secret by the DoJ, without the knowledge of the UK authorities. Pearson is not a subject of the watchdog’s criminal probe.

Lord Grabiner QC had previously conducted an inquiry into the forex market for the BoE. It cleared officials there of any wrongdoing.

A Financial Times report said the Americans were now expanding their own inquiry, as they are concerned about the thoroughness of the BoE investigation.

The Treasury select committee also raised concerns that the terms of reference were too narrow.

Both RBS and the DoJ were last night approached for comment, but declined.

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