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FSA’s Wheatley Said to Recommend Regulating Libor-Setters

UK Treasury review may suggest that bankers submitting estimates be overseen by the FSA.

By Lindsay Fortado and Gavin Finch, Bloomberg | Updated on September 26, 2012

Martin Wheatley, who is leading a review for the U.K. Treasury into how Libor is governed, may recommend that bankers who make submissions to the benchmark should be regulated, said a person with knowledge of the plans.

Employees who submit the estimates that are the basis of the rate would become subject to approval by Britain’s Financial Services Authority, said the person, who asked not to be identified because the talks are private. Wheatley, a managing director at the FSA, is set to unveil his proposals on Sept. 28.

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