More action to tackle wrongdoing in the financial sector will be unveiled by the UK Chancellor George Osborne today. The measures will include making the manipulation of the foreign currency markets by banks a criminal offence. In a keynote speech, he will promise to target the unacceptable behaviour of the few and ensure that markets are fair for the many who depend on them. There has been increasing concern about whether the multi-trillion pound foreign exchange market was rigged. In his annual Mansion House speech, Mr Osborne will pledge the extension of legislation used to clean up after the Libor interest rate-fixing scandal. As well as bringing the forex currency market under this legislation, it will be extended to those who trade in commodities, and also to the fixed income market, where the most common type of products traded are bonds.
News On AIR | June 12, 2014 9:52 AM
Chancellor Osborne to unveil more action against UK financial fraud