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BBA prepared to surrender Libor control

The British Bankers Association are prepared to relinquish control of setting the Libor rate following a FSA announcement on Friday.

The managing director of the FSA, Martin Wheatley, is expected to announcement the results of a government-backed review of Libor, following the manipulation scandal

A spokesman for the BBA says: “The BBA seeks to work with the Wheatley review team as they complete their consultation on the future of LIBOR. If Mr Wheatley’s recommendations include a change of responsibility for LIBOR, the BBA will support that.”

Martin Wheatley has previously ruled out leaving Libor unchanged after the loss of credibility suffered in the wake of the scandal and has floated the idea of the creation of new benchmarks.

The European Commission made the first steps towards making the manipulation of the benchmark a crime in June



80% spike in mortgage complaints in H1 2012

Data published today by the FSA shows a 80 per cent spike in complaints for mortgage business, rising from 52,722 in the second half of 2011 to 95,363 complaints in the first half of 2012.


LibDems say millionaire pensioners should see benefits cut

The Liberal Democrats are considering curbing age-related universal benefits for pensioners with assets of more than £1m. The BBC reports Liberal Democrat leader and deputy prime minister Nick Clegg (pictured) said the welfare budget “cannot remain immune” from Government cuts after the general election in 2015. The propoals would affect benefits such as winter fuel […]

Harpal Singh MS blog

Shot across bows for conveyancers

As an industry it’s not often a particularly pleasant experience to reflect on the negative perceptions of our own business or the service we provide. That said, customer feedback – good or bad – is always worthwhile receiving – unless of course it’s not acted upon – and any quality business will never shy away […]

MS 2409 CC Index 2

Caption Competition

Ruby Wax provides the entertainment at last week’s IMLA dinner.


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