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

News

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 It is now over 6 months old so the content may be out of date.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 Any products featured may be withdrawn by their provider or changed at any time.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

Simple measures to improve banking security

The payments industry is gearing up for some big changes in the near-future, with the announcement of some key improvements that should help all of us be more secure when banking online.

Top cashback deals for festive rewards

Savvy shoppers will no doubt be looking to make the most of their hard-earned cash at this time of year, but there isn’t much time left to work out which are the good deals and which are the bad, so it’s time to take action!

Top cashback deals for festive rewards

Savvy shoppers will no doubt be looking to make the most of their hard-earned cash at this time of year, but there isn’t much time left to work out which are the good deals and which are the bad, so it’s time to take action!
 
Close