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Serious Fraud Office could not take on Libor because of limited budget

By  |  July 1, 2012

The Financial Times reports that the U.K. Serious Fraud Office (“SFO”) had declined to open a criminal investigation into Libor manipulation because of limited resources. Richard Alderman, the former director of the SFO, decided last year 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. However, the Financial Services Authority, which recently settled civil charges with Barclays, cannot prosecute bankers because its purview does not include derivatives fraud.

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    Related content: Libor Litigation and the Role of Screening: The Need for Enhanced Compliance Programs

     

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