Banks under new scrutiny from FCA over Libor lessons
BANKS face fresh attention over the Libor-rigging scandal after the City watchdog said it would look at whether firms have put in place adequate controls to prevent traders from repeating the manipulation of benchmark interest rates.
The Financial Conduct Authority (FCA) said it would assess whether lessons had been learned from the episode as it published its business plan for 2014/15. It comes as the FCA's chief executive Martin Wheatley faces pressure over an "extraordinary blunder" in releasing market-sensitive information about an insurance industry probe which resulted in shares plunging last week.
The business plan also revealed that the regulator's budget would increase by 3.3% to £446.4m, as it takes on wider responsibilities.
Its key announcement on Libor-fixing relates to the scandal over the manipulation of benchmark interest rates.