– Labour MEP and vice-chairman of the European Parliament's Economic and Monetary Affairs Committee Arlene McCarthy
The financial sector cannot be trusted to self regulate. Fines have proved ineffective and have not changed the culture in the banking industry.
We are therefore extending the law to, for the first time, impose tough EU wide criminal sanctions and jail time.
It will cover all benchmarks and indices as the Libor manipulation shows that abuse is still rife in the banking sector.
Nearly nine out of ten Britons want bankers put in jail if found guilty of fraud or manipulating financial markets, according to a new survey.