Bankers and regulators could be grilled by lawmakers over forex fines

And JP Morgan is not mention to be grilled..Notice that the UK bank execs and regulators are in the hot seat…

British bank executives and regulators could be in line for public grillings following this week’s landmark international settlement over allegations of manipulation and collusion in the $5.3 trillion (3 trillion pound)-per-day foreign exchange market.

British regulators led a global investigation after whistleblowers raised concerns about misconduct in the forex market, resulting in six of the world’s largest banks being fined a total of $4.3 billion.

The UK set its fines at record levels, reflecting rising political and public demands that bankers, cast since the financial crisis of 2007 to 2009 as villains who reaped rewards as the world economy crumbled, are held accountable for misconduct.

But questions have been asked about how the UK’s Financial Conduct Authority (FCA) ran the inquiry and what level of penalty, if any, can change the culture in financial markets.

Britain’s Treasury Select Committee (TSC), a cross-party group of lawmakers, will decide next week whether to schedule hearings on the forex scandal, political sources said.

Some regulators and bankers admit they view much of their work through the prism of how they would justify decisions to TSC Chairman Andrew Tyrie, a steely lawmaker whose often sardonic quizzings are broadcast on television.

Read on.

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