LORD Grabiner has been appointed by the Bank of England's Oversight Committee to lead the investigation into whether the central bank's staff had any role in foreign exchange rate manipulation.

The QC will be supported by law firm Travers Smith and look into behaviour covering a period between 2005 and 2013.

Sir David Lees, chairman of the BoE's Oversight Committee, said: "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."

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Lord Grabiner was made a life peer in 1999. He was a member of the Bank of England Financial Services Law Committee from 2002 to 2005 and has also served as a non-executive director at Next and Wentworth Golf Club.