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UK's Osborne says issues from alleged FX rigging potentially "very serious"

Reuters - UK Focus

LONDON, April 3 (Reuters) - British finance minister George Osborne said on Thursday issues arising from the investigation into alleged manipulation of the foreign exchange market are potentially "very serious".

In answer to a question from a committee of lawmakers, Osborne said: "You're right to draw people's attention to the foreign exchange manipulation issue, because it is potentially very, very serious."

Osborne also said he had confidence in the chairman and chief executive of the Financial Conduct Authority, Britain's financial watchdog.

Osborne said on Tuesday he was "profoundly concerned" about the way the FCA revealed news of a review of the insurance sector which caused the share prices of insurance firms to tumble last week.

(Reporting by Andy Bruce; Editing by Ana Nicolaci da Costa (NasdaqGS: ATX - news) )