We welcome the committee's report and their view that the new judgement led approach to regulation being delivered by the FSA is the right one. The FSA has already put in place a number of reforms in recent years including a tougher fines policy for enforcement cases and a completely new model of bank supervision. We will study the report's findings and Martin Wheatley will consider it as part of his Libor review.
The Bank of England, the FSA, Barclays and the bank's ex-CEO Bob Diamond have been criticised by MPs investigating the Libor fixing scandal
MPs have produced a withering report on the Libor rate rigging scandal. The Bank of England and the FSA look particularly bad.