The Financial Services Authority (FSA) has extended its investigation into firms suspected of attempting to manipulate the London inter-bank offered rate (LIBOR) to interdealer broker ICAP, according to a report in the Financial Times (FT).
An internal FSA memo, circulated in March last year and which the paper claims to have seen, suggested the regulator had assigned seven people working on the probe to scrutinise the company.
Requests for comment made to the FSA and ICAP were declined, though ICAP told the FT it believed it had "made appropriate disclosures having taken advice from our external advisers".
The FSA's investigation into firms' alleged rigging of LIBOR has already seen Barclays fined £290m, while UBS has so far incurred the largest fine: £940m in December last year. Bailed-out bank RBS is also expected to be hit with a hefty fine for its role in attempting to manipulate the rate.
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