U.K. Lawmakers Seek Speedy Overhaul of Libor Following Review
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Proposals to overhaul Libor, including enhanced powers for U.K. regulators to prosecute rate rigging, may be enacted early next year in a bid to revive confidence in the scandal-ridden benchmark and banking industry.
Financial Services Authority Managing Director Martin Wheatley’s “appropriate and credible” recommendations will be placed into legislation that should be approved early next year, Greg Clark, financial secretary to the U.K. Treasury, said in a telephone interview in London today. Wheatley proposed stripping the British Bankers’ Association of responsibility for the rate and adopting criminal penalties for interest-rate manipulation.