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Banks Need to Manage Risks Better, U.K. Regulator Says

Aarti Maharaj | July 29, 2015

The Financial Conduct Authority is disappointed that banks have not instituted much change in the wake of the interest rate-fixing scandal that have sparked calls for deeper reform.

The U.K. regulator says that firms have a lot of work to do to identify the scope of their benchmark activities and improve their management of the associated risks—

And if banks neglect to act on this, the industry will be exposed to another LIBOR, Forex or Gold case.  

While some progress has been made around oversight and control, FCA believe that banks are still failing to root out conflicts of interest issues and are interpreting guidance such as IOSCO definition too narrowly.

Tracey McDermott“We have seen widespread historic misconduct in relation to benchmarks. It is now critical that firms act to restore trust...

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