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Bank charges: New administrators to set financial benchmarks

The Financial Services Authority (FSA) has revised the way that international benchmarks on finance will be set.

Following the failure of the banking sector to properly set the global benchmark of Libor, the FSA has decided that administrators should be appointed to oversee the setting of benchmark rates. They are expected to overlook submissions and spot any suspicious activity from banks.

This change is being implemented on the suggestion of the Wheatley review of Libor, which was published in September last year. Chief executive officer of the Financial Conduct Authority Martin Wheatley, which will be taking over from the FSA at the start of April, was commissioned to come up with ways to reform the Libor rate following the discovery of banking misconduct.

Banks are being investigated by the FSA to determine whether they have been fixing the Libor rate.

So far, Royal Bank of Scotland, Barclays and UBS have all been fined for Libor rigging.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801564074-ADNFCR

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