Labour MEP: 'Financial sector cannot be trusted to self regulate'
– Labour MEP and vice-chairman of the European Parliament's Economic and Monetary Affairs Committee Arlene McCarthyThe 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.
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