‘Libor needs complete overhaul’

File picture: Toby Melville, Reuters

File picture: Toby Melville, Reuters

Published Sep 28, 2012

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Britain's Libor rate needs a “complete overhaul” after the Barclays rate-rigging scandal, the financial regulator will say in a government-commissioned report due for publication Friday.

The Financial Services Authority is to recommend that the British Bankers' Association be stripped of its role in setting Libor, with the process handed over to a new group. - Sapa-AFP

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