Report finds FSA failings over LIBOR fixing

Nicola Brittain

A Financial Services Authority (FSA) audit report into the London Interbank Offered Rate (LIBOR) scandal has found the regulator failed in at least three key areas which meant it did not realise the rate was being fixed.

The report, which was commissioned by FSA chairman Adair Turner, looked at whether the regulator was implicated in the scandal which broke last June. Banks, such as Barclays and Royal Bank of Scotland,...

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