The authorities in the UK have brought in Lord Grabiner to probe foreign exchange scandal at the Bank of England, the UK's central bank.

His appointment is intended to indicate that the central bank is serious over the scandal. The bank is concerned over the allegations that the staff of the bank knew about manipulation or even encouraged such behaviour.

Lord Grabiner will head the probe and will be supported by law firm Travers Smith LLP. The law firm has been investigating the matter since October 2013 when the central bank realised the scandal. Lord Grabiner will gain unlimited access to all staff and Bank records in his investigation involving the central bank. The central has so far suspended one staff as concerns were not forwarded to senior staff members relating to matters in the foreign exchange market.

The BoE has not found any evidence suggesting that the staff members were either involved of encouraged such scandal. Lord Grabiner is a QC with a high profile in the world of commercial law and also sits as a deputy High Court judge.

"The Oversight Committee believes that it is essential that matters raised by the Bank's initial review should be thoroughly and independently examined and that the Bank's executive should act on any lessons learned," said Sir David Lees, chairman of the Court of the Bank of England.