UK watchdog reviews supervision after Libor scandal

LONDON, July 3 (Reuters) - Britain's Financial Services Authority is reviewing how wholesale markets are supervised following the Libor scandal, its chairman Adair Turner said on Tuesday.

"There are no free lunches, and shoddy wholesale practice is not a victimless act, even in those cases where it is not defined as a crime," Turner told the watchdog's last annual meeting.

The FSA was criticised for not bringing criminal charges against Barclays or its traders who rigged the Libor interest rate.

"We will therefore need to think carefully how far we should shift our past approach to the supervision of wholesale conduct, and what resources and skills we need to be more effective in this area," Turner said.

The outcome of the review will be published in the autumn.