MPs gear up to grill FSA's Turner on LIBOR fixing

Head of the Financial Services Authority (FSA) Lord Turner is set to face criticism from MPs today over the watchdog's slow reaction to LIBOR abuses, according to reports.

The Telegraph said the Treasury Select Committee will ask why the FSA did not move on LIBOR fixing when US regulators spotted the abuses five years ago. Andrew Bailey, the head of the regulator's prudential business unit, and its acting director of enforcement and financial crime, Tracy McDermott, will also face questions. The committee is likely to raise questions over the relationship between the FSA and the Bank of England. According to documents released on Friday, Tim Geithner, now US Treasury Secretary but then the head of the New York Fed, warned Sir Mervyn King about the r...