View more on these topics

Traders to be struck off over rate manipulation

Traders found to have manipulated the Libor rate should be fined and banned from the the approved persons register according to the British Bankers Association.

A review of the Libor rate is expected to be concluded on Friday, with the managing director of the FSA Martin Wheatley said to be considering removing the BBA from the decision making process.

A leaked copy of the proposals submitted by the BBA, the organisation which currently regulates the interbank rate, has been seen by Sky News which outlines harsher penalties for rate manipulation.

Sky News reports that those found guilty of having manipulated the rate should be fined, publicly censured as well as struck off the City regulator’s approved persons register. The rate itself looks set to be overhauled completely and instead become based on trading data.

Barclays was fined £290m for its role in manipulating the Libor rate in June, leading for calls to overhaul the governance of Libor in order to restore confidence.

The Wheatley Review into Libor ruled out leaving Libor unchanged in August, calling for it to be “significantly strengthened” and for the governance to be made both more robust and transparent.

The European Commission announced in July that it was acting to make interest-rate manipulation a crime but leaving it to individual member states to decide what form criminal sanctions would take.


Brightstar launches two-year discounted mortgage rates

Brightstar Financial’s specialist first charge division is launching two new two-year discounted mortgage rates suggested for the self employed. Both rates are available for purchase and remortgage, the discounted rates start from 4.99 per cent up to 75 per cent LTV and 5.49 per cent up to 80 per cent LTV. There are no early […]

Precise launches prime product range

Precise Mortgages has today launched a range of prime home owner mortgages aimed at borrowers in the south of England. Rates on the two-year fixed rate products start at 3.49 per cent at 70 per cent with an arrangement fee of £995. Rate on the five-year fixed start at 3.89 per cent. The products are […]


Govt poised to regulate payday loans

The Government is poised to regulate the payday loans sector unless it creates a robust system of self-regulation. Labour peer and Consumer Credit Counselling Service chair Lord Wilf Stevenson has pledged to lodge an amendment in the Financial Services Bill committing the Government to take action within a year. The amendment was originally rejected in […]

Metro Bank chairman to step down

Metro Bank co-founder and chairman Anthony Thomson is to step down from his role in December. Thomson helped set up the bank in September 2007, with Vernon Hill, ahead of its launch in July 2010. He also founded the Financial Services Forum in July 2000. A replacement has not yet been found from Thomson and […]


News and expert analysis straight to your inbox

Sign up