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libor – treasury committee preliminary report August 18, 2012

Posted by Bradley in : financial regulation , trackback

Is here. The report notes a “naivety” on the part of the Bank of England and a “dysfunctional relationship between the Bank of England and the FSA… to the detriment of the public interest” and adds to recent debates about whether the UK is behind the US in dealing with issues of financial regulation (an issue also raised by the Standard Chartered Affair):

The Committee is concerned that the FSA was two years behind the US regulatory authorities in initiating its formal LIBOR investigations and that this delay has contributed to the perceived weakness of London in regulating financial markets.

And the committee suggests it may have been misled:

It remains possible that the entire Tucker-Diamond dialogue may have been a smokescreen put up to distract our attention and that of outside commentators from the most serious issues underlying this scandal.

(Update: Here is the link to the volume reporting the oral evidence).

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