FSA’s Turner Says Libor, Bonus Scandals Destroy Public Trust

Financial Services Authority Chairman Adair Turner said banking scandals, including Libor rate fixing, and “huge” bonuses, have destroyed the public’s trust in the U.K. financial industry.

Turner, who has been chairman of the FSA since 2008, said that bankers, politicians and regulators must commit to fundamental changes to rebuild the bond with the country after the London interbank offered rate scandal that led to the resignation of Barclays Plc (BARC)’sRobert Diamond.

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