Reuters: Regulatory News: BoE calls for banking sector change after rate scandal

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BoE calls for banking sector change after rate scandal Jun 29th 2012, 10:08 LONDON, June 29 | Fri Jun 29, 2012 6:08am EDT LONDON, June 29 (Reuters) - Bank of England Governor Sir Mervyn King described an interest rate rigging scandal engulfing British banks as "deceitful manipulation" on Friday, calling for fundamental changes in the culture of the banking industry. The scandal is expected to draw in many banks but Barclays has found itself in the firing line after U.S. and British authorities fined it $450 million this week for manipulating the London interbank offer rate (Libor). King said problems ranged from "shoddy treatment of customers" to "deceitful manipulation of one of the most important interest rates" and excessive salaries. "We can see we need a real change in the culture of the industry," he told reporters.

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