George Osborne is going to announce independent inquiry

George Osborne is going to have an independent inquiry announcement on the future operation of Libor, but he will stop setting up a Levenson style investigation into banking culture and practices.

According to the Serious Fraud Office, there is going to be an investigation on whether there has been any kind of criminal practice in Barclays, which received a huge fine of 290 million pounds, under the suspicion of manipulating key benchmark interest rate.

The agency said that, “Now that the investigation into the issue of regulatory misbehaviour has concluded, the SFO are considering whether it is both appropriate and possible to bring criminal prosecutions. The issues are complex and the assessment of the evidence the FSA [Financial Services Authority] has gathered will take a short time, but we hope to come to a conclusion within a month.”.

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