UK: LIBOR - Treasury Committee publishes preliminary findings

The House of Commons Treasury Select Committee has published a report titled Fixing LIBOR: some preliminary findings: see here or here (pdf). The Committee's conclusions and recommendations are available here. Amongst other things, the Committee expresses concern with the failure of the Financial Services Authority to appreciate the significance of market rumours relating to the artificial rigging of the LIBOR rate. The Committee also repeats its call for greater accountability of the Bank of England under the new regulatory framework being introduced next year by the Financial Services Bill 2012-13. The Bank, in its response to the Committee's report, rejects the view that the accountability mechanisms proposed in the Bill are insufficient.