Bank of England joins chorus of Bloomberg boos

THE BANK of England joined the swathe of voices criticising Bloomberg for abusing its clients’ trust yesterday, saying that allowing journalists to access client information had been “reprehensible”.

The UK’s central bank also said it was collaborating with a host of other bodies including the US Federal Reserve and the European Central Bank which are examining Bloomberg’s use of data. The financial data service has come under fire after in recent days after it emerged that reporters at Bloomberg’s news division had accessed sensitive data from traders using its terminals.

In an unusually meaty statement, the bank said: “The protection of confidential information is vital here at the bank. What seems to have happened at Bloomberg is reprehensible.

“Bank officials are in close contact with Bloomberg, who have provided assurances to ensure that this does not happen again.”

Bloomberg, whose editor-in-chief has apologised for the errors, said: “We regret the Bank of England has taken this position but we’ll continue to engage with its management and staff to address their concerns.”