The Serious Fraud Office (SFO) has closed its investigation into Forex manipulation due to insufficient evidence for a conviction.
It began investigating allegations of “fraudulent conduct” in the £3trn per day foreign exchange market in 2014. Several banks were fined by US and UK regulators in 2014 and 2015 for attempted manipulation and misconduct.
However, an SFO statement this week said it had concluded that “the alleged conduct, even if proven and taken at its highest” would not meet the required evidential test for a prosecution.”
Abdulali Jiwaji, partner at Signature Litigation, says: “Bringing a prosecution was always going to be challenging, and the recent failed LIBOR prosecutions underline the difficulty when it comes to persuading a jury.
“This decision isn't directly relevant to potential civil claims, although active prosecutions would have given encouragement to those looking to claim damages. Regulatory actions against individuals are though no doubt in the pipeline.”
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