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A warning that Libor needed to be better regulated was given to the Government by the City watchdog nearly two years ago – but its advice was ignored and excluded from the Coalition’s flagship financial services legislation. Disclosure that the Financial Services Authority told the Treasury of failings in Libor and the urgent need to have it monitored by the watchdog itself or by the Bank of England comes as the Government has just ordered a fresh investigation into Libor by the FSA. Insiders say this will almost certainly retread the ground of the earlier report. The fact that the Government appears to have ignored the FSA’s recommendations leaves it open to accusations of piloting a major piece of financial legislation that disregards clear failings in City practice. This is exactly what the Coalition has criticised the previous Labour government for doing. Read more: http://www.dailymail.co.uk/money/news/article-2170152/Coalition-ignored-Financial-Services-Authority-warning-rate-fixing.html#ixzz203dReFGq