The CISI is shocked by the participation of Barclays and possibly other banks in the LIBOR fixing scandal which seriously undermines the integrity of the London market.
Simon Culhane, Chartered FCSI, CISI Chief Executive, said: “One of the reasons London is a major international financial centre is because of the perceived emphasis on trust and integrity in the London market. This scandal can only serve to damage London’s reputation.
“All those who have gained directly or indirectly should have their previous bonuses clawed back from the top to the bottom of the bank. This is in line with the CISI policy on Remuneration of October 2008.*
“It is appropriate to focus accountability on those responsible for the manipulation and overseeing the bank, rather than those who owned up and cleared it up
