FSA to publish report on Libor-fixing

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The Independent Online

Britain's financial regulator is expected to publish its report into the Libor-fixing scandal early next month, it emerged yesterday.

The Financial Services Authority will unveil the finding of an internal audit into manipulation of the inter-bank lending rate, which has already resulted in heavy fines for Barclays, Royal Bank of Scotland and UBS.

Andrew Tyrie MP, who is head of the Treasury Select Committee, yesterday warned that its findings needed to be comprehensive.

"Our inquiry uncovered appalling behaviour and serious failings at many levels in Barclays; on the trading floors, on compliance desks and amongst senior management. Serious regulatory shortcomings also came to light. It is only right that the FSA has had to shoulder its share of the blame for this scandal.

"What is clearly needed is a replacement of box-ticking intervention with the application of grey matter," he added.