Authorities: Steer Clear of USD LIBOR Key industry regulators are warning financial services firms not to use U.S. dollar (USD) LIBOR as a reference rate after Dec. 31, 2021 to avoid “consumer protection, litigation, and reputation risks.” The Nov. 30 statement, which underscores the need for firms to move away from the London Inter-bank Offered… Read More >>
Schroders & Lloyds Form Partnership for Mandate & JV
A major British fund manager, Schroders, and a banking giant, Lloyds Banking Group, have agreed to a complex strategic partnership that among other initiatives will yield a financial planning joint venture (JV) intended to jolt the wealth management space for the U.K. “The strategic partnership will combine Schroders’ investment and wealth management expertise and technology… Read More >>
LIBOR Fallout: Lloyds Fires Eight
Lloyds Banking Group, which this past summer paid $370 million to settle charges in the U.S. and the U.K. that between 2006 and 2009 it had been involved in the manipulation of the London Interbank Offered Rate (LIBOR) and other benchmark interest rates, reports that eight employees have been dismissed in connection with the scandal…. Read More >>
Lloyds Entities Penalized for LIBOR Schemes
CFTC officials have charged Lloyds Banking Group plc and Lloyds Bank plc (formerly known as Lloyds TSB Bank plc) with “serious misconduct,” including the “manipulation, attempted manipulation, and false reporting of LIBOR.” In response, the two Lloyds entities have agreed to “pay a $105 million civil monetary penalty, [to] cease and desist from their violations… Read More >>
