Martin Wheatley, who is leading a review for the U.K. Treasury into how Libor is governed, may recommend that bankers who make submissions to the benchmark should be regulated, said a person with knowledge of the plans.

Employees who submit the estimates that are the basis of the rate would become subject to approval by Britain's Financial Services Authority, said the person, who asked not to be identified because the talks are private. Wheatley, a managing director at the FSA, is set to unveil his proposals on Sept. 28.

He began the review at the request of Chancellor of the Exchequer George Osborne after Barclays Plc, Britain's second-biggest lender, paid a record 290 million-pound ($470 million) fine in June for manipulating the London interbank offered rate. The British Bankers' Association, the London-based lobby group that oversees the rate, yesterday signaled it will give up responsibility for the benchmark following claims traders manipulated the benchmark. Libor is used to set rates for at least $300 trillion of securities.