FSA Slow To Respond To Libor Scandal, Audit Says

Law360, New York (March 5, 2013, 1:38 PM EST) -- U.K. financial regulators failed to act on tips that banks were rigging the London Interbank Offered Rate because it was "too narrowly focused" on the then-unfolding financial crisis, according to an internal review released Tuesday.

Politicians and banks have criticized the U.K. Financial Services Authority for its response to widespread Libor-rigging by global banks that helped set the key benchmark rate. The FSA was slow to act on information that was circulating among banks and the media that there was widespread manipulation in the setting of...
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