UK FSA admits response to Libor lowballing was too slow

Martin Wheatley
Martin Wheatley

An internal audit conducted by the UK's Financial Services Authority (FSA), looking into the extent to which the financial watchdog failed in its duties surrounding Libor lowballing, has concluded that the FSA should have been faster, but there was no "major regulatory failure" on the scale of Northern Rock and Royal Bank of Scotland (RBS).

Covering the period from January 2007 to May 2009, the audit searched 17 million records, reviewed 97,000 documents in detail, and interviewed 20 FSA employe

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