“No government minister had any knowledge that HSBC may have been involved in wrongdoing in regard to its Swiss banking arm prior to the reports of the last couple of days”

The UK government insisted yesterday that ministers did not know the full facts about the HSBC tax scandal until this week, in a collective closing (...)

Martin Wheatley, chief executive officer of the UK Financial Conduct Authority (FCA), speaks during a news conference following an announcement by the FCA, the Commodity Futures Trading Commission and the Swiss Financial Market Supervisory Authority yesterday, about penalties given to five banks following a global foreign-exchange rigging probe. The FCA said its fines relate to “ineffective” controls at UBS, Citigroup, JPMorgan Chase, Royal Bank of Scotland Group, and HSBC,  that allowed the banks to put their “interests ahead of those of their clients, other market participants and the wider UK financial system.” (Photograph: Matthew Lloyd/Bloomberg)

In an early morning chat, three senior currency traders at some of the world’s biggest banks weighed the pros and cons of admitting a fourth member(...)

Britain’s biggest short-term lender Wonga, says on its website that its representative annual interest rate is 5,853 per cent

Interest charged on loans offered by payday lenders in Britain will be capped at 0.8 per cent a day from January to cut the cost of short-term loans (...)

Cyril Roux, Central Bank regulator, is to join the board of the European Securities and Markets Authority. Photograph: Dara Mac Dónaill / The Irish Times

Cyril Roux, deputy governor of the Central Bank of Ireland, has been appointed to the management board of the European regulatory body, the European S(...)

Payday lenders such as Wonga have been accused of charging exorbitant fees and tipping households into a spiral of debt

Britain’s financial watchdog set out new rules on Tuesday to cap the sky-high interest rates offered by payday lenders, bringing down the cost of sho(...)

Bank of England deputy governor Andrew Bailey said “We have no evidence yet, and we have not seen the evidence that was in the Bloomberg report.”

The Bank of England has seen no evidence to back media allegations that it condoned or was aware of manipulation of reference rates in the fore(...)

Andrew Bailey, Bank of England chief executive officer of the UK’s Prudential Regulation Authority. Photograph: Matthew Lloyd/Bloomberg

The Bank of England (BoE) has seen no evidence to back media allegations that it condoned or was aware of manipulation of reference rates in th(...)

UBS sought to act quickly to gather and supply information when similar allegations of wrongdoing by leading banks in foreign exchange surfaced in June. Photograph: Steffen Schmidt/ EPA

Swiss bank UBS approached US authorities in September with information relating to an industry-wide probe into alleged rigging of currency markets, in(...)

“This change will play a vital role in restoring the international credibility of Libor,” said Baroness Hogg.

The scandal-plagued Libor interbank rate formally broke with its past yesterday as NYSE Euronext, the transatlantic exchanges operator, won the righ(...)

A review of Libor by Financial Conduct Authority boss Martin Wheatley recommended control of the rate be stripped from the British Bankers’ Association. Photograph: Simon Dawson/Bloomberg.

The owner of the New York Stock Exchange is to take control of the controversial interbank lending rate at the heart of the recent banking scandal.NYS(...)