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Friday 28th September 2012 | 14:05
Chris Leslie MP, Labour’s Shadow Treasury Minister, responding to the independent review of LIBOR, said:
“Banking and financial services reform should not be just in reaction to each scandal. We need to get ahead of these issues and fundamentally rebuild the integrity of and trust in the banking system.
“Reforming LIBOR so that it is based on real ‘and independently verifiable’ trade data is the least that should be done. But surely the wider lesson is that a whole array of benchmark indices, across commodity markets and other traded products, are too easily prone to manipulation.
"We need UK regulators to take a wider view here, not just reacting to each scandal but getting a grip of the whole situation. LIBOR should be a warning shot to the City and we have a duty to double-check all benchmarking processes and bring them all under the regulatory umbrella to put beyond doubt any perceived potential for corruption. The reputation of the UK financial sector is at stake and we should act now to restore the City of London’s foremost standing in the world.”