SFO launches criminal investigation into LIBOR scandal

clock

The Serious Fraud Office (SFO) will launch a criminal investigation into the manipulation of the benchmark lending rate.

According to a statement, director David Green QC has formally accepted the LIBOR matter for investigation. The development follows reports last week that a lack of resources in the UK's lead anti-fraud agency would prevent an investigation from being carried out. However, the SFO has now confirmed a criminal investigation will go ahead. Shares in Barclays collapsed last week after the bank was issued a fine of £290m for manipulating LIBOR rates by UK and US regulatory agencies, leading to chief executive officer Bob Diamond's (pictured) eventual resignation. Although the Financial...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Partner Insight: Beyond 60/40

Invesco
clock 25 March 2024 • 5 min read
'Fundamental shift': Why transparent investing really matters

'Fundamental shift': Why transparent investing really matters

‘There needs to be a concerted shift towards greater openness’

Simon Camilleri
clock 18 March 2024 • 4 min read
Partner Insight: Passive and active — the case for both

Partner Insight: Passive and active — the case for both

Invesco
clock 18 March 2024 • 4 min read