Banks face scrutiny if they fail to ditch Libor, says regulator

LONDON (Reuters) – Banks that fail to meet targets next year for ending the use of Libor interest rates will face tougher scrutiny, Britain’s Financial Conduct Authority (FCA) said on Tuesday.

“In the UK at least, supervisors are tracking progress against those targets,” Edwin Schooling Latter, the FCA’s head of markets policy, told an event held by Risk.net.

“If we get information that there are laggards, those firms can expect enhanced supervisory attention from the Prudential (LON:PRU) Regulation Authority and the FCA.”