In March, the Bank of England appointed Lord Grabiner QC to adjudicate on whether any Bank officials were involved in manipulating the forex market between 2005 and 2013.
The SFO yesterday declined to set a date on the launch of its forex-rigging inquiry. It said in a statement: “We are receiving and examining complex data on this topic. When we open a criminal investigation, that decision will be announced in the usual way.”
But Ross McEwan, the chief executive of Royal Bank of Scotland, said last Friday that he believes the forex probe could prove an even more serious problem for British banks than the Libor scandal, for which RBS last year paid a $612m (£358m) fine.
Asked whether the FX investigation could be a bigger problem for the industry than Libor, Mr McEwan told London’s LBC radio station: "Unfortunately, it has the hallmarks.”
He added: "We're still doing a lot of investigation. We’re going through millions and millions of emails, chatrooms, conversations to see what actually went wrong, if anything, in this area.
"Unfortunately, I have the feeling that this is a sort of Libor case again. The difference this time is that we haven't sat back and denied it. We've gone into it and are doing the investigation hand-in-hand with the authorities."
The UK’s so-called Big Four banks – Lloyds, Barclays, HSBC and RBS – are also under pressure from the Competition and Markets Authority, which is expected to fire the starting gun on >a full-blown competition inquiry into the banking sector on Friday
>a full-blown competition inquiry into the banking sector on Friday.
Source : http://www.telegraph.co.uk/finance/currency/10978850/Serious-Fraud-Office-set-to-launch-criminal-probe-into-forex-rigging.html