The Bank of England (BOE) has fired its chief foreign exchange dealer Martin Mallett following an internal investigation into rate manipulation.
According to a statement issued by the central bank, Mallet was sacked owing to "serious misconduct relating to failure to adhere to the bank’s internal policies."
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However, the bank stressed that Mallett’s dismissal was unrelated to forex rate-rigging scandal, but was associated with failure to comply by internal policies.
Mallet, who served the bank for about 30 years, was suspended in March, and fired on 11 November.
According to a report by Anthony Grabiner, who was commissioned by the central bank to look into issues regarding what its officials knew about practices under investigation across the globe, said that Mallett was aware from November 2012 that conversations between traders just before setting of benchmarks could lead to rate manipulation but failed to escalate these concerns.
Mark Carney, BOE governor, said, "What Lord Grabiner found was that our chief dealer was aware of circumstances in the market that could facilitate or lead to improper behavior by market participants."
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By GlobalData
