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Britain’s Financial Services Authority Announces Removal of Libor Powers

Mark Scott, NYT [includes text of Wheatley’s prepared remarks]: “On September 28, 2012 – Martin Wheatley, the managing director of Britain’s Financial Services Authority, will outline plans to increase oversight of the rate-setting process, which underpins more than $350 trillion of financial products like mortgages and student loans. As part of that effort, regulators are stripping the British banking group that currently oversees the interest rate — the London interbank offered rate, or Libor — of its power. The British government, in turn, will take a more hands-on role, including making rate manipulation a criminal offense.”

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