A PYMNTS Company

George Osborne increases SFO budget to take on Libor

By  |  July 6, 2012

The U.K. Chancellor of the Exchequer, George Osborne, is increasing the budget of the Serious Fraud Office (SFO) as political pressures are heating up around allegations of banks manipulating Libor rates. The additional funds are to go toward the preparation of criminal investigations into the charges. The agency’s budget in 2008 was £52 million; this year, it is £32 million. The SFO had unsuccessfully lobbied the government for a greater budget.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Days earlier, the Financial Times reported that the SFO had decided last year to turn down opening a criminal probe because of limited resources. Richard Alderman, the former director of the SFO, had determined that the agency’s budget was too limited and that the Office of Fair Trading and the Financial Services Authority would be in a better position to handle the probe.

    We’d love to be your preferred source for news.

    Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

    Add as Preferred Source

    Full content: Financial Times

     

    Related content: How Far Can Screens Go in Distinguishing Explicit from Tacit Collusion? New Evidence on the Libor Setting

     

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.