View all newsletters
Have the short, sharp Spear's newsletter delivered to your inbox each week
  1. Wealth
July 4, 2012

Wealth Briefing: Adair Turner says Libor scandal ‘a huge blow’

By Spear's

The chairman of the UK’s Financial Services Authority yesterday condemned the “huge blow” inflicted on the reputation of the London banking industry by people who have manipulated inter-bank interest rates, in a speech coming shortly after Barclays’ chief executive and chief operating officer quit amid the scandal

The chairman of the UK’s Financial Services Authority yesterday condemned the “huge blow” inflicted on the reputation of the London banking industry by people who have manipulated inter-bank interest rates, in a speech coming shortly after Barclays’ chief executive and chief operating officer quit amid the scandal.

Adair Turner said that the old perception that the FSA was “not an enforcement-led regulator” has changed, and the shift has been clearly demonstrated by the tough action it took against Barclays over LIBOR manipulation. Barclays has incurred penalties from US and UK authorities totalling £290 million (around $455 million) for misconduct relating to the inter-bank interest rate market.

Turner commented on the same day that Bob Diamond resigned as chief executive of Barclays, shortly followed by the resignation of the UK-listed bank’s chief operating officer, Jerry del Missier. Both men resigned with immediate effect. It is understood that the FSA is investigating a number of other financial institutions for allegedly rigging LIBOR rates that are the basis for many financial products used around the world.

Diamond is due to give evidence to the UK’s House of Commons Treasury Select Committee today; media reports have focused on communications that Diamond is said to have had with the Bank of England about the interest rate market.

To read the full story, visit wealthbriefing.com

Content from our partners
Porto Montenegro: Adriatic Elegance Tailored to You
Family office gold rush in Hong Kong
Top of the league for football fans

Select and enter your email address The short, sharp email newsletter from Spear’s
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network