Euro MP calls for criminal prosecutions in new market abuse rules

Rochdale Euro MP, Arlene McCarthy, Labour Spokesperson and Vice Chair of the European Parliaments Economic and Monetary Affairs Committee is calling for those responsible in the latest banking scandal to face criminal prosecutions.

Arlene will meet Michel Barnier the European Commissioner for EU Banking rules this week and will call for market abuse rules to be strengthened to cover the inter-bank rate fixing scandal.

Arlene said: "There is no doubt that this is market manipulation of the worst kind. Fines have proved ineffective and have not changed the greedy culture in the banking industry. The penalties for this rogue behaviour must be a custodial sentence.

“The US has the power to take criminal prosecutions and we too must toughen up EU wide market abuse rules to make this immoral behaviour a criminal offence.”