Europe to make interest rate rigging criminal offence

clock

European Commissioners are set to make interest rate rigging a criminal offence after the LIBOR scandal, according to reports.

Amendments to the Market Abuse Directive, set to be announced on Wednesday, are expected to state anyone caught manipulating the markets will be jailed. The Independent reported the announcement is likely to come from Commission President Jose Manuel Barroso and financial services commissioner Michel Barnier. The report said the FInancial Services Authority and Serious Fraud Office have appeared "toothless" over the LIBOR scandal, despite the record fine levied on Barclays. FSA chief Lord Turner is expected to make a hard-hitting speech attacking the City's 'debased' culture on T...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA urged to add ethical funds SDR label

FCA urged to add ethical funds SDR label

'We will carry on lobbying to try and change the rules'

Cristian Angeloni
clock 07 October 2024 • 1 min read
FCA's SDR regulation will 'make advisers sit up and listen'

FCA's SDR regulation will 'make advisers sit up and listen'

‘There has to be a fundamental re-educating of the adviser community’

Isabel Baxter
clock 30 November 2023 • 4 min read
Advice/guidance boundary review will help 'bridge advice gap'

Advice/guidance boundary review will help 'bridge advice gap'

The FCA’s latest update leads to mixed reactions from the industry

Sahar Nazir
clock 04 August 2023 • 4 min read