FSA defends role in LIBOR scandal

The Treasury select committee published its report into the scandal in August, which said the FSA had failed to investigate market rumours of rate-rigging properly, the BBC reports. The regulator said it had been engaged with US regulators on the issue since 2008. It also denied it had taken a narrow view on its power regarding fraudulent conduct. The scandal erupted in June, last year when the FSA and US regulators fined Barclays £290m. Other banks were then embroiled. MPs' on the committee said the FSA failed to identify "weakness in compliance" despite numerous visits. Th...