Financial Conduct Authority, the UK’s financial markets watchdog, has received over 1,000 international requests for assistance on the London Interbank Offered Rate (Libor)-rigging case in 2013, an increase of 17% compared to 857 requests received in 2012.
The increase in assistance is mainly due to closer working relationships with US authorities, where the FCA is conducting probes into market manipulation.
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FCA enforcement head Tracey McDermott was quoted by the Financial Times as saying that they have not only seen increasing numbers but increasingly complex requests for assistance.
"In terms of how we’re working with our international counterparts, quite a number of those requests were related to cases where we also have an interest ourselves, such as Libor," McDermott added.
According to FCA, US authorities are accounted for the majority of the complex requests.
The FCA will hold senior executives criminally liable for banks that fail under their watch if they are suspected of reckless mismanagement.
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By GlobalDataMcDermott said, "The specific criminal offence is only triggered where you have a bank failure, and we’re rather hoping there won’t be many of those next year."
