U.K. Chancellor of the Exchequer George Osborne is preparing to announce plans to boost oversight of the foreign exchange market following allegations traders colluded to manipulate the $5.3 trillion-a-day market.

The measures are being considered in conjunction with the Financial Stability Board, according to a government official who asked not to be identified. The plans are likely to be announced within the next two weeks, the official added. Osborne is slated to deliver a speech at the Mansion House, in London’s main financial district, on June 12.

With a year to go before a general election, he is seeking to show the government is cracking down on potential abuses in financial markets after a series of scandals. More than a dozen regulators on three continents are reviewing whether traders colluded to rig the currency market, while nine firms have been fined more than $6 billion for manipulating the London interbank offered rate, a rate used to price more than $300 trillion of contracts from student loans to mortgages.

“A key part of the government’s long-term plan is building stronger and safer banks,” the Treasury said in an e-mailed statement today. “Ensuring confidence in the fairness and effectiveness of financial markets is central to this, which is why we’ve taken action to reform Libor, and why we’re now using the lessons we have learned here to inform and shape the important ongoing global debate on benchmark reform.”