FSA pub­lishes report on LI­BOR sub­mis­sions

The Pak Banker - - COMPANIES/BOSS -

The Fi­nan­cial Ser­vices Author­ity (FSA) has pub­lished its In­ter­nal Au­dit Report ( the Report) on the Lon­don In­ter­bank Of­fered Rate (LI­BOR). The FSA has re­cently taken en­force­ment ac­tion against Bar­clays Bank plc (Bar­clays), UBS AG (UBS) and Royal Bank of Scot­land plc (RBS) for fail­ures in re­spect of LI­BOR sub­mis­sions. Fol­low­ing the an­nounce­ment of the Bar­clays' fine, Bar­clays dis­closed to the Trea­sury Com­mit­tee 13 in­stances of com­mu­ni­ca­tion be­tween Bar­clays and the FSA which raised the ques­tion of whether the au­thor­i­ties ought to have been aware that firms might be mak­ing in­ap­pro­pri­ate LI­BOR sub­mis­sions in or­der to avoid neg­a­tive me­dia com­ment (low­balling). The chair­man of the FSA, Adair Turner, there­fore asked the FSA's In­ter­nal Au­dit to iden­tify any other such com­mu­ni­ca­tions from any firm or from me­dia re­ports or other in­for­ma­tion sources.

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