Libor

A former UBS and Citigroup trader, one of three men arrested in December as part of a Serious Fraud Office (SFO) and City of London Police investigation into the manipulation of LIBOR, has been charged.

The Serious Fraud Office (SFO) is set to begin the first criminal prosecution in the LIBOR-rigging scandal and could charge a former UBS and Citigroup trader this week, The Times reports.

Supervision of the scandal hit LIBOR interest rate could move to Paris under plans being drawn up by the European Commission, dealing a potential blow to London's financial pre-eminence.

Financial services will never rebuild trust with consumers or affect a change in the sector unless custodial sentences are imposed on those guilty of criminal wrongdoing, Chuka Umunna, shadow business secretary has said.

Royal London Asset Management (RLAM) is planning to launch an absolute return bond fund later this year for Paul Rayner and Craig Inches, Investment Week understands.

The Financial Services Authority has finalised new rules and regulations for financial benchmarks as it attempts to "bring integrity" back to the London Interbank Offered Rate.

The Commission on Banking Standards has told the government its plans to reform the UK's banking sector are not strict enough.

The FSA was aware that LIBOR rigging could pose a ‘significant issue' to the UK's banking system as early as 2008, an internal report has shown.

A Financial Services Authority (FSA) audit report into the London Interbank Offered Rate (LIBOR)scandal has found the regulator failed in at least three key areas which meant it did not realise the rate was being fixed.

GOSLING'S GROUSE