Sept. 28 - Martin Wheatley's 10-point plan to fix Libor will restore credibility, according to Cass Business School, but it might take longer to restore confidence in the financial sector.
Reliable system is broken and needs a complete overhaul was the conclusion of the regulates happen from now stay -- they would changes that Watson. It's the resident Libor -- Cass Business School -- -- to speak with you next. This -- this whole race is to address the problem of of of of fiddling and occurrences. At the complete. The addresses these issues that we soul from the office investigation. That address the issue of individuals in the next in the right by and bring you would be in the regulatory systems FSA will oversee days. People will be at risk of prosecution. Which is for effect of also addressed the issue all banks trying to portray. Its financial strength when perhaps they on the strong by keeping novels and because they you know involve of the releases so we went to see what banks to put in this liable for three months worth of pot. The votes. He's well they want specs on the tunnels and the question is who want to join the officers can actually go from the media. On this the BBA's odd bit excited BBA's been -- was also that they want to expand the pound -- -- will banks really want to be honest I'm with a all the regulatory oversight that's going on it. How can we don't give them the BBA and who take him back at you incentivize the new administration was not a job anyone really wants it. It's going to be tough job is Symbian very strict regime and ovals I've seen that this the of the burden -- placed upon the execution site cited. He's going to be huge however I guess that's the prestige of its I made the somebody so -- -- -- votes is perhaps -- some that I comes -- woods. But this is going to be a long process is going to be -- -- processes in the oval city so be awhile before we know who it is thanks I'm gonna lose sleep over the site. I don't think so I I think that it's been extremely well fools out review we couldn't replace likeable we had to trying to fix -- That might have very clear I think to try to address the problems. Which -- -- will the reforms to things that be enough to keep people using as a benchmark choice. I think to block -- so deeply entrenched in the system and replacing it would you hope what I mean what could be among them. Well I've received -- -- transaction price benchmarks that section of the problem remains the if you want longer term with -- the -- home lending loans. What we need amongst them bend on something like six months or twelve months out there on transactions that are some really like always damage was. So you're impressed with the really. Very very impressive what he said I'm he's been restore confidence not just in money bull put side in regulation in this country in general. I think in case you missed -- credibility. I think we now have. Framework in place if sanctions in place section so the credibility that. Confidence levels like all right -- Thanks so much for talking with us Mickelson. From the Cass Business School that's it for me -- -- profile -- --