In response to Martin Wheatley’s discussion paper on Libor rate setting,
Peter Vicary-Smith, Which? chief executive said:
“We welcome today’s proposals that Libor rate setting should be overseen by a properly independent and accountable body and that there should be criminal sanctions for rate manipulation. The Government and regulator must now thoroughly investigate the impact of Libor rate-rigging on ordinary borrowers and savers, and introduce a collective redress system to properly compensate consumers if they have lost out.
“Mr Wheatley has said it’s vital to rebuild trust in the Libor setting process, but the bigger job is to rebuild trust in banking that has been shattered by one scandal after another. That’s why the parliamentary banking inquiry must produce recommendations for fundamental change to the culture and practices of the banks, and put the best interest of consumers at the centre of reforms.”