Lord Campbell-Savours
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Banking: LIBOR and EURIBOR
Lord Campbell-Savours Excerpts(11 years, 3 months ago)
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Lord Deighton
My noble friend makes a good observation. Clearly, there were some gaps in the historical supervisory structure, which is why we have passed the Financial Services Act reforming entirely the regulatory apparatus around this business. Of course, the FSA is about to be replaced by a combination of the Financial Conduct Authority, the Financial Policy Committee and the Prudential Regulation Authority. We now have a new regime surrounding this arena. I share my noble friend’s concern that moving from gamekeeper to poacher needs to be managed closely.
Lord Campbell-Savours
Are the penalty levels to which the noble Lord referred set in legislation? If so, can we not change the legislation?
Lord Deighton
The penalty levels are a matter for the FSA. In 2010, it re-established the code under which it assesses the fines to make them more transparent. It is an area which has been recently reviewed.