BOE Threatens Banker Bonuses Over Pace of Libor Transition
- U.K. regulators step up monitoring of firms’ progress
- BOE also issues update on plans for ‘synthetic’ Libor
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U.K. regulators are ready to hit bankers where it hurts over slow progress away from the London interbank offered rate.
The Bank of England and Financial Conduct Authority warned chief executives in a letter on Friday that they were intensifying scrutiny of Libor transition plans at financial firms, and said managers who fall short should get smaller bonuses.