Libor scandal
The British Bankers’ Association said on 25 September 2012 that it would transfer oversight of Libor to United Kingdom (UK) regulators, as predicted by bank analysts, proposed by Financial Services Authority Managing Director Martin Wheatley's independent review recommendations. Wheatley's review recommended that banks submitting rates to Libor must base them on actual inter-bank deposit market transactions and keep records of those transactions, that individual banks' LIBOR submissions be published after three months, and recommended criminal sanctions specifically for manipulation of benchmark interest rates. Financial institution customers may experience higher and more volatile borrowing and hedging costs after implementation of the recommended reforms. The UK government agreed to accept all of the Wheatley Review's recommendations and press for legislation implementing them.