FSA Report Shows Regulator Missed 26 Libor Warnings, Tyrie Says
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The U.K. Financial Services Authority missed more than two dozen warnings that Libor rates were inaccurate, a lawmaker said after a report cleared the regulator of failures on the scale of other financial crisis-related scandals.
The regulator missed 26 signals that the London Interbank Offered Rate didn’t reflect market conditions, which should have “set alarm bells ringing,” Andrew Tyrie, chairman of the U.K. Treasury Select Committee, said in an e-mailed statement.