FSA admits to overlooking numerous direct references to LIBOR manipulations

The FSA has admitted to overlooking 26 individual instances of direct reference to LIBOR manipulation in its internal audit review.

The regulator published its internal audit report reviewing the extent of awareness of LIBOR manipulation within the FSA, and admitted to being slow to spot it.

Covering the period from January 2007 to May 2009, internal audit searched 17 million records, reviewed 97,000 documents and interviewed 20 FSA employees, both existing and former.

However, whilst admitting to having completely overlooked, to have neglected even, to pick up on the inappropriate submissions, the FSA excused itself from taking full accountability by stating that monitoring LIBOR had not strictly been part of its regulatory activities ... READ MORE

Released by ICSA Governance and Compliance - 6 March 2013