UK: Wheatley Review of LIBOR - Government response

The Government has published its response to the recommendations made by Martin Wheatley with regard to the reform of the London Inter-Bank Offered Rate (LIBOR) setting process: see here (pdf). Mr Wheatley's ten recommendations have been accepted in full and various amendments are proposed to the Financial Services Bill currently before Parliament. The Government has also announced that Baroness Hogg, the chairman of the Financial Reporting Council, will lead a panel to find a new organisation to administer LIBOR (thereby replacing the BBA).