UK hobbled in regard to foreign banks, Sants says

01/10/2013 | Reuters

The UK's Financial Services Authority takes a subordinate role in regulating foreign banks in Britain, making it more difficult to detect wrongdoing, said former FSA chief Hector Sants. The recent disclosures of manipulation of the London Interbank Offered Rate reveal that "the vast majority of the wrongdoing was done outside of the supervisory net of the UK. These big branches in the UK pose a significant threat to effective supervision," Sants told a parliamentary panel.

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