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Leading fraud solicitor attacks SFO for bringing no action after Forex investigation

22 March 2016

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The Serious Fraud Office (SFO) has been accused of acting without accountability after ending a criminal investigation into the foreign exchange market.

Neil Williams, Senior Associate Solicitor at specialist fraud firm Rahman Ravelli, said the SFO’s decision was the latest failing from an organisation that is using the public purse without being kept in check.

He explained: “Once again, the SFO finds itself in a position whereby it has come up short.

“There must come a point where the resources that are being put into what appear to be speculative activities have to be more closely reviewed. There must be many tax payers who would be horrified to see how the SFO is able to deploy resources without accountability.

“This is a situation that has to stop.’’

The criminal investigation into allegations of price-rigging in the £3 trillion-a-day foreign exchange market was started in 2014 to look into allegations of "fraudulent conduct".

The investigation is being brought to an end following what the SFO has called “a thorough and independent investigation lasting over one and a half years and involving in excess of half a million documents."

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