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Credit card charges: FSA is to investigate Libor-like price fixing by gas companies

The Financial Services Authority (FSA) is looking into accusations that the wholesale gas market is undergoing manipulation by energy companies to fix prices in a way that is similar to the Libor-fixing scandal, energy secretary Ed Davey is set to tell Parliament.

It revealed that the regulator has come across information provided by a whistleblower, which was also handed to Ofgem, and is now to analyse it to see if any foul play is involved.

"I am extremely concerned about these allegations and will be keeping in close touch with the regulators while they get to the bottom of this," Mr Davey will say in Commons.

The Guardian has also revealed that a person who used to work as a reporter for gas price examiners and publishers ICIS Heron found irregularities and subsequently raised concerns.

This news comes at the same time British Gas revealed it was to increase its gas bills by six per cent, adding to other issues facing people in the UK, such as credit card charges.

John Fieldman
Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801486797-ADNFCR



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