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Make Libor-fixing criminal, says regulator

Make Libor-fixing criminal, says regulator

Fixing the Libor rate should be a criminal offence, the head of the review into the interest rate has said.

In the final report on the interest rate-fixing scandal, senior FSA regulator Martin Wheatley has recommended a "a comprehensive and far-reaching programme of reform", rather than replacing Libor with a new benchmark.

His report also recommends the creation of a new, independent body to oversee the way the rate is set.

Mr Wheatley stressed that other banks would be given similar fines to the £290m Barclay's faced after its traders were revealed to be fixing Libor.

On the Today programme this morning he said that in "extreme" cases sanctions could include prison sentences.

Treasury Minister Greg Clark called the report "a big step forward " and Andrew Tyrie, who is is chairing a commission into the culture and practices of banking, welcomed the report saying it could mark "at least the end of the beginning of the clean-up operation".

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On air

Martin Wheatley: There will be a complete overhaul of Libor

28/09/2012 on Today, BBC Radio 4

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Greg Clark: Wheatley's Libor report a big step forward

28/09/2012 on The Daily Politics, BBC 2

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Lord Myners: We can't rely on restraint of bank supervisors and directors

28/09/2012 on World at One, BBC Radio 4

Press Release

News from Labour: Banking and financial services reform should not be just in reaction to each scandal - Leslie

28/09/2012

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