First there was one. Then three. Now the U.K. Financial Conduct Authority is facing nine lawsuits for improperly identifying traders in penalty notices, in what has quickly become a nightmare for the agency.
Traders facing penalties from British regulators over their involvement in rigging Libor may avoid being fined after the U.K. Financial Conduct Authority missed a deadline to take action, three people with knowledge of the matter said.
Investment banks should have known about foreign-exchange traders using chat rooms that had the potential to rig currency prices, the head of the U.K.’s financial regulator said.
Martin Wheatley of the Financial Services Authority discusses his plans to reform the Libor rate.
The Financial Services Authority (FSA) has announced the appointment of Martin Wheatley as the new managing director of its Consumer and Markets Business Unit.