Banks face criminal rate fix probe

The SFO revealed earlier this week that it had been working closely with the FSA during its investigation and was weighing up whether it could proceed with criminal prosecutions.
The Government department, which is responsible for investigating and prosecuting serious and complex fraud, will cover the entire banking sector and warned assessing the evidence would take time.
As the SFO unveiled its investigation, Labour leader Ed Miliband continued to push for an independent inquiry into the banking scandal despite MPs rejecting the demands. Mr Miliband said that while the party would co-operate with a parliamentary investigation, its remit was too "narrow" and a judge-led probe was still needed.
Bank of England deputy governor Paul Tucker and Barclays chairman Marcus Agius, who announced his intention to resign after a replacement for Mr Diamond is found, will give evidence on the rate-rigging scandal to the Treasury Select Committee next week.
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