During the Libor prosecutions, the Serious Fraud Office was criticised by many for picking the low-hanging fruit, by going after the traders and brokers for what was a systemic and widespread problem in the banking sector.

The high number of prosecutions and regulatory fines are indicative that this was not necessarily a rogue trader (Tom Hayes) acting of his own volition to profit from his illegal activities. There was arguably an ingrained culture in the banking sector of systematic manipulation with the banks themselves making the biggest profit. The wider public may have found it very difficult to believe that not a single person in a senior position was aware that this was taking place right under their noses, yet no senior manager was ever prosecuted.