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.”
