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  Charlie makes a good point. Libor is not a 'regulated' product or activity under the FSA'S rules. The obvious charge would be conspiracy to defraud- but to defraud whom? It would appear that Libor was rigged to keep interest rates artificially low so its not the borrowers who have lost out. It looks to me as if the victims are likely to be the banks themselves (other than the 16 or 20 who do the rate setting) professional investors in floating rate instruments and hedge funds who had leveraged positions in derivatives whose value depended on Libor.
  
  I think our laws are probably insufficiently strong to make successful prosecutions likely. However many victims of the fiddled Libor scam are likely to be in the USA where your average 'Ohio dentist' deals in financial futures. Only a matter of time therefore before American state prosecutors dust off the RICO Act and lots of the City's finest join the NatWest Three.

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