Libor rigging bankers could face jail - Banking - News - Moneyfacts

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Libor rigging bankers could face jail

Libor rigging bankers could face jail

Category: Banking

Updated: 31/07/2012
First Published: 31/07/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The Serious Fraud Office (SFO) has said that legislation could be used to bring criminal charges against bankers responsible for the Libor rate rigging scandal.

The SFO would not specify the exact charges; however, it is believed that, if found guilty, prison sentences could be handed to those involved in manipulating inter-bank rates during 2005 and 2008.

The Government office said it was "satisfied that existing criminal offences are capable of covering conduct in relation to the alleged manipulation of Libor and related interest rates".

The Financial Services Authority (FSA) announced yesterday that a review would be launched into the Libor setting process, which could result in it being regulated by the FSA.

Find the best bank account for you - compare bank accounts

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Debit card spending still leads the way

Many of us turn to plastic at the tills these days, particularly as contactless technology makes it easier than ever before. It’s little wonder that card spending continues to ramp up – and it’s debit card spending that’s leading the way.

Current account switching to be made even easier

It was announced today that the Current Account Switch Service (CASS) will be undergoing improvements that are to be implemented in a year’s time. This should help give more customers and businesses the confidence to switch to a better bank account.

A quarter of all card payments now contactless

The rise of contactless payments shows no signs of stopping, with new milestones being hit on a seemingly monthly basis. Well, another one has arrived, with new data showing that a quarter of all card payments are now made via contactless means.
 
Close