SFO launches Libor investigation

The Serious Fraud Office (SFO) has said that it has put in motion an investigation into the rigging of the Libor rate.

An SFO spokesperson confirmed that a case team had been formed to probe the manipulation of the inter-bank lending rate.

A statement said: "The SFO Director David Green QC has today decided formally to accept the Libor matter for investigation."

Barclays has been at the centre of the storm and its chief executive Bob Diamond and chairman Marcus Agius have both resigned.