A PYMNTS Company

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.

    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.

    Full content: Financial Times

     

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

     

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