Serious Fraud Office to be paid ‘by results’ for Libor probe

The fraud-busting outfit has begun a criminal investigation into the interest rate rigging scandal that has rocked the banking industry. But the Treasury, rather than giving it a fixed budget, has said it will make money available in instalments based on how the investigation is going.

The SFO will have to make regular reports to the Treasury on its progress and on likely future cash needs. There is no blank cheque and, in contrast to previous big cases, money will not be made available in one go.

‘We have said the SFO should have as much financing as it needs,’ said a Treasury source. ‘It will be made available as needed, and in return we will be kept abreast of developments.’

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