Which? executive director Richard Lloyd said:
“The action announced today to help prevent another Libor rate-rigging scandal, including independent governance and regulation of Libor, is a vital step towards restoring the shattered consumer confidence in banking.
“We are very pleased Martin Wheatley has recommended criminal sanctions for those who attempt to manipulate Libor. As we have said in our Big Change campaign, bankers must be punished for mis-selling and bad practice. By manipulating Libor, as far as we’re concerned, bankers were effectively stealing money – it’s bank robbery.
“We now want to see the Government take forward these recommendations as soon as possible. There must be no delay. Action must be taken to fix our broken banking system and bring a return to banks for customers, not bankers.”