Regulator criticises ‘lack of urgency’ in improving controls in financial markets after visiting 12 firms fined over Libor and foreign exchange rigging scandals Major banks and brokers have failed to construct sufficient internal changes following the Libor and foreign exchange rigging scandals,according to the City regulator.
The Financial Conduct Authority also warned that more action was needed to restore trust in the financial markets after visiting 12 firms and brokers as a follow-up exercise to the fines imposed for rigging Libor, the benchmark exchange rate. The FCA found that none of them had made all the changes required to comply with guidelines for setting prices.
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Source: theguardian.com