UK Committee Wants Regulations Improved After Libor Probe

Law360, New York (August 20, 2012, 4:36 PM EDT) -- A British parliamentary committee on Saturday called for Britain's Financial Services Authority to step up fines for firms who don't cooperate in investigations and close gaps in financial crime law, saying public trust in U.K. banks following an ongoing probe over Libor rate-rigging had never been worse.

The Treasury Select Committee report, dated Aug. 9 but publicly released Aug. 18, said "urgent improvements" were needed to the way British banks are run and regulated. The U.K. was two years behind U.S. authorities in initiating its Libor...
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