Libor

The Financial Services Authority (FSA) has extended its investigation into firms suspected of attempting to manipulate the London inter-bank offered rate (LIBOR) to interdealer broker ICAP, according to a report in the Financial Times (FT).

More than 100 current and former employees of Barclays have lost their fight for their identities to be concealed in an upcoming court case centred on the alleged rigging of the LIBOR interest rate.

The scale of the fine due to be levied on the Royal Bank of Scotland (RBS) for its attempts to manipulate the Libor interest rate could be as high as £500m, according to reports.

Royal Bank of Scotland is still in negotiations with the Financial Services Authority (FSA) over how much it will have to stump up for its role in the LIBOR manipulation scandal.

Three men have been arrested under suspicion of the manipulation of LIBOR.

A care home group is suing Barclays for £37m over the rigging of LIBOR in a landmark case which could force the bank to disclose the names of managers involved in the scandal.

Hector Sants, the former chief executive of the Financial Services Authority (FSA), has defended his tenure at the regulator, arguing the changes he made have put it "in good stead".

Shadow home secretary Yvette Cooper yesterday called for new laws to be written to better deal with financial crimes such as LIBOR manipulation.

The LIBOR system is "broken and needs a complete overhaul", according to Financial Services Authority (FSA) head of conduct Martin Wheatley.

The British Bankers' Association (BBA) could be stripped of its role in setting the LIBOR interbank lending rate following the fixing scandal which saw Bob Diamond step down as the CEO of Barclays.