It says it will have tighter scrutiny of the rates contributed by banks into the settling mechanism so that any discrepancies in the rates must be justified by individual contributing banks.
It will also seek wider membership of the Foreign Exchange and Money Markets Committee, the independent body which oversees the process.
It will increase the number of contributors to some of the rate setting panels.
The BBA says it will also take soundings on whether the historically transparent rate-setting mechanism is stigmatising contributors and whether a second rate fixing process for US dollar Libor might be set after the US market opening.
BBA chief executive Angela Knight says: “BBA Libor has stood the test of time: it has been published on every business day since 1985 and is among the most transparent indices in the world. These changes will further strengthen BBA Libor and the confidence of its many users.”