U.K. Banks Scrap Black-Tie Dinner as Libor Probe Intensifies

The British Bankers’ Association, the lobby group that oversees the London interbank offered rate, postponed tonight’s annual dinner for the first time following Barclays Plc’s record fine for rigging the benchmark.

“In the current circumstances it would be wrong to proceed,” Brian Mairs, a BBA spokesman, said by telephone today. “Our industry needs to think long and hard about its collective behavior and now is not the time for such an event to take place. We regret the short notice.”