UK move to clean up banking sector expected

Britain’s finance ministry is likely to announce measures soon to reduce the risk of a repeat of a rate-fixing scandal in London’s world-leading foreign exchange market.

Finance minister George Osborne is due to deliver an annual speech to London’s financial community alongside Bank of England governor Mark Carney on June 12. Both men have recently stated their desire to clean up Britain’s banking industry.

London’s reputation has been damaged in recent years by a scandal over the fixing of Libor interbank interest rates and more recently over daily exchange rate fixings.