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FCA’s Wheatley proposes ‘dual track’ system to replace Libor


The Libor benchmark is likely to be replaced by a “dual-track” system where survey-based lending rates run alongside transaction-linked indices, the FT reports.

The Libor rate – the rate at which banks can borrow funds from other banks – has been at the centre of huge controversy over the past year. Royal Bank of Scotland, UBS and Barclays have been hit with billions of pounds worth of global fines after their traders were found to have fixed rates.

Financial Conduct Authority chief executive Martin Wheatley led a review into Libor which was published in September last year. The review set out 10 recommendations to improve the Libor system.

In an interview with the FT, Wheatley says a parallel system would provide continuity for holders of $350tn (£228tn) in existing contracts that reference Libor while also paving the way for a new benchmark tied more closely to objective data.



Intrinsic sets aside £2m for complaints as profits rocket

Intrinsic Financial Services has set aside over £2m for expected complaints settlements in its 2012 accounts as the adviser network reported a 62 per cent profit increase. Intrinsic’s 2012 accounts, published yesterday on Companies House, show profit before interest, tax depreciation and amortisation increased from £3.2m in 2011 to £5.2m in 2012. The number of […]

Bellpenny targets solicitor and accountant IFA arms after acquisition

<!– <!– <!– –> –> –> Wealth manager Bellpenny is targeting several more IFA acquisitions from solicitors and accountancy firms this year after buying the IFA arm of accountants Foot Davson. Bellpenny bought Foot Davson Financial Services for an undisclosed fee gaining its 850 clients and £60m funds under management. It will continue to offer […]


MPs back Arch cru legal battle

A proposed legal action against Capita Financial Managers for its failures in supervising the Arch cru funds has won the backing of influential MPs including George Galloway and Anne Begg. Trade body IFA Centre held a briefing with MPs, advisers and investors last night at the House of Commons into the collapse of Arch cru […]


Aegon says Skandia rebate move hinders transparency

Aegon has hit out at Skandia over a lack of transparency after the platform announced it will pay rebates from 75 basis points share class funds. Last week, Skandia announced it will offer 75 bps clean share classes with 8bps rebates. This comes after HM Revenue & Customs’ announcement in March that unbundled platform rebates must be taxed. […]


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