FCA's Bailey Sees `Very Big Consensus' on Libor Changes

Andrew Bailey discusses Libor reform, highlighting progress in launching risk-free rates and the challenges of synthetic Libor. He addresses PPI proposals, FCA criticism, and the need for robust auditing regulation. Bailey also talks about crypto regulation and the importance of a purpose-driven system. He concludes with support for Libor reform and the role of central banks in enhancing risk-free rates.

What is the main focus of Andrew Bailey's discussion at Bloomberg's London headquarters?

• The role of the European Central Bank

• The impact of Brexit on the UK economy

• The future of cryptocurrency

• Libor and benchmark rate reform

What is Andrew Bailey's preferred option for replacing Libor?

• Continuing with Libor

• Developing synthetic Libor

• Implementing risk-free rates

• Using a fixed interest rate

What is the FCA's stance on the potential for new PPI complaints?

• They expect a significant increase in complaints

• They are unsure about the impact of the proposals

• They believe the recent proposals will not lead to a new wave of complaints

• They have decided to ignore any new complaints

What challenge does the FCA face when dealing with legacy cases?

• Vast amounts of information and data

• Limited legal authority

• Lack of public support

• Insufficient data

What is the purpose of the task force involving the Treasury and the Bank of England?

• To oversee international trade agreements

• To develop new banking technologies

• To address the regulatory perimeter for financial contracts

• To regulate the stock market

What is Andrew Bailey's view on the regulation of auditing?

• Auditing should be deregulated

• Auditing should be handled by private firms

• The FRC should be a robust regulator

• The FCA should take over auditing roles

What is the consensus regarding Libor according to Andrew Bailey?

• Libor is still effective and should be retained

• Libor should be used alongside new rates

• Libor should be expanded to more markets

• Libor is outdated and needs replacement