FSA's Wheatley: "Complete overhaul" can save LIBOR

The LIBOR system is "broken and needs a complete overhaul", according to Financial Services Authority (FSA) head of conduct Martin Wheatley.

Wheatley is to announce a review of the system today, the rate having come under scrutiny after revelations of fixing earlier this year. He is set to announce major reforms to the watt LIBOR is set, the report added. Wheatley will say despite evidence of "shocking behaviour" by "unscrupulous traders", the current set-up can be fixed. “The disturbing events we have uncovered in the manipulation of Libor have severely damaged our confidence and our trust – it has torn the very fabric that our financial system is built on,” Wheatley will say in a speech at Mansion House after his re...