The Wall Street Journal reported that the UK Financial Services Authority published a critique of its own handling of the LIBOR scandal, saying it failed to act on a series of warnings that banks were trying to manipulate rates.

The WSJ said that after sifting through millions of messages, filed by the regulator between 2007 and 2009, the FSA identified 26 pieces of correspondence citing direct references to “lowballing”where banks understated their borrowing costs to make their funding positions look stronger.

To read the full WSJ story click here.