LIBOR, Public Inquiries & FSA/FCA Disciplinary Powers
This note summarises some of the key points relating to the LIBOR scandal. It looks at issues surrounding public inquiries and at the role and limitations of the FSA’s disciplinary powers.
Financial institutionsFinancial services
Briefing
Barclays Bank, and others have been accused of trying to manipulate various LIBOR related interest rates after an investigation by UK and US regulators. Se ven institutions have now paid substantial fines. The Lloyds Banking Grouip has admitted REPO rate manipulation to reduce the cost, to it, of taxpayer support. The manipulation happened over a number of years by many people and for different reasons. There is a debate about what form a public inquiry into general banking matters might take and about the current limits to the FSA's disciplinary powers.
Documents