Is LIBOR (London Interbank Offered Rate) – the system used to set interest rates at which banks borrow from each other about to change? The system has been open to abuse and manipulation as has been proved with more than six billion in fines issued to date and four jail sentences for traders guilty of rigging the LIBOR system. LIBOR was introduced in the late 1980’s

I see in the news that Mr Mark Carney, governor of the Bank of England is proposing a ‘transaction based’ system rather than a ‘judgement based’ one. Good, we need a better system that will hopefully, at the very least, reduce the level of dishonesty and fraud we have seen in the past!

If this is the rate used to set bank lending rates – it must have been used to set mortgage rates too – or an I completely off the mark here? I don’t profess to fully understand the system – I leave that to the people in charge..? But I do wonder who was really in charge and if there will ever be an enquiry into mortgage rates similar to that of the PPI scandal?

Will the big bank bosses be questioned more and held to account or will it just be the ‘staff’ that are punished?