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Bank charges: Government launches review into Libor scandal

An independent review has been launched by the government into the Libor rigging scandal.

This issue could have increased the rates loan charges were set at for millions of bank customers and follows a swathe of other issues that have struck the industry, including the misselling of payment protection insurance.

Martin Wheatley will lead the review and the paper is seeking feedback on stakeholders regarding the role Libor pays in international markets, the options for reform and the flaws in the current ways in which these rates are set.

It will also contain initial proposals on how the framework around Libor can be altered.

Financial secretary to the Treasury Mark Hoban added that the government is working with international organisations to work towards a "globally-consistent solution" to the scandal.

"Mr Wheatley has said it's vital to rebuild trust in the Libor setting process, but the bigger job is to rebuild trust in banking," Which? chief executive Peter Vicary-Smith pointed out.

Charles Baker
Charles is a reputed financial analyst with decades of experience under his beltADNFCR-2776-ID-801426362-ADNFCR

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