Articles - CBI responds to Wheatley Review of Libor

 The CBI responded to the review of Libor by Martin Wheatley, the Managing Director of the FSA and Chief Executive-designate of the Financial Conduct Authority.
 Matthew Fell, CBI Director for Competitive Markets, said:

 "With Libor being such an intrinsic part of the financial system, restoring trust in it is an important step towards the broader task of rebuilding confidence in banking.

 "Bringing Libor under an independent regulator will take away the notion that this was a system run by banks for the benefit of banks.

 "Focusing it on the most liquid trades will drastically reduce the scope for any manipulation, particularly at times of market stress.

 "Stronger individual accountability, including through criminal sanctions, will provide a robust last line of defence."