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Bank charges: FSA to publish internal probe on Libor

The Financial Services Authority (FSA) will soon publish an internal report on its investigations into the Libor scandal.

In response to a recent report from the Treasury Select Committee, the FSA said that it would review when the regulator first became aware of the Libor rigging scandal.

Members of the Treasury Select Committee accused the FSA of being two years late in starting their investigations into Libor. They also referred to the fact that the FSA had been working with US regulators, the Commodity Futures Trading Commission (CTFC), since 2008.

The committee’s report was issued after Barclays was fined £290 million by the CTFC and the FSA.

Royal Bank of Scotland and UBS have also had to pay fines for Libor rigging, both of which were much higher than that received by Barclays. They were fined £390 million and £940 million respectively.

In order to ensure compliance from banks, the FSA has said that it has been more strict in regulating UK banks.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801544290-ADNFCR

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