Libor: Wheatley sets out 'reforms to fix a broken system'

A review of the Libor rate rigging scandal has found a broken system, "built on flawed incentives, incompetence and the pursuit of narrow interests".

In a speech, the report's author, Martin Wheatley of the Financial Service Authority, set out a series of recommendations to restore Libor as a "relevant, valued and trusted benchmark".

The recommendations include criminal prosecutions for those who try to manipulate it and stripping the British Bankers' Association (BBA) of its supervisory role.