City watchdogs have pledged to pursue prosecutions against five or more banks accused of fixing Libor, as the probe into rigging of the key inter-bank lending benchmark intensified.
The Financial Conduct Authority (FCA) has a handful of active investigations into banks that tried to rig Libor, which governs £200trn of global contracts from complex securitisations to credit card loans, according to the Daily Mail. Since last June UK regulators have played a leading role in three investigations into Barclays, Swiss bank UBS and the Royal Bank of Scotland, which have together extracted £1.7bn in fines. After the Barclays scandal hit financial markets last summer, enforcement boss Tracey McDermott of FCA predecessor the Financial Services Authority (FSA) told the Tre...
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