'Time to move on from Libor rate' - Gary Gensler


Banks need to operate on a new reference interest rate following the Libor scandal, according to US regulator Gary Gensler.

The chairman of the Commodity Futures Trading Commission has met officials from the UK's Financial Services Authority to discuss the issue.

A number of banks have been fined hundreds of millions of pounds for rigging the lending rate.

Mr Gensler told the BBC that financial institutions needed to serve the public better and a new rate needed to be based on "fact not fiction".

Copyright © 2015 BBC. The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.