Lloyds under investigation by FCA over possible market rigging

Reports say investigation into gilts trading is not industry-wide despite recent criticism of regulator for dropping review into culture at major banks

The City regulator is investigating whether traders at Lloyds Banking Group manipulated the price of government bonds, in a sign that the authorities are continuing to seek out rigging of key markets.

Following a series of fines across the industry for rigging interest rates and foreign exchange markets, the Financial Conduct Authority has been asking Lloyds for information about trading in gilts.