Lending rate rigging crackdown
Rogue bankers who attempt to rig interbank lending rates will face the “full force of the law”, the Government has said.
Financial Secretary to the Treasury Greg Clark said he was pressing ahead with plans to make it a criminal offence to rig rates such as Libor as part of far-reaching |reforms launched in the wake of this summer's banking scandal.
He said the recommendations made last month by Financial Services Authority (FSA) managing director Martin Wheatley would be accepted in full, including ditching the British Bankers' Association (BBA) as the group in charge of running Libor.
The BBA revealed it is looking at setting up an independent professional body for bankers, which could see rogue bankers struck off if they breach standards.