British Bankers Association urges government to oversee LIBOR

BBA has asked the UK government to consider regulating and supervising the setting of the London interbank rate offered rate at the heart of Barclays' 290m penalty for rates manipulation.

Under a historical quirk, the process of setting LIBOR has always been considered a private activity run by the banking trade body, although the banks who participate in the rate-setting process are regulated by the Financial Services Authority ... READ MORE

Released by the Financial Times - 28 June 2012