Belmont Thornton Logo
PPI Claims - About PPI

PPI Claim News

 
Bank claims: Barclays fined by FSA for Libor and Euribor misconduct

Barclays Bank has been fined £59.5 million after the Financial Services Authority (FSA) found it was guilty of misconduct relating to the Euro Interbank Offered Rate (Euribor) and the London Interbank Offered Rate (Libor).

These rates deal with the interest received through bank charges when bodies in this sector lend to each other.

It was found that part of the setting process for Euribor and Libor was made through submissions by Barclays, which dealt with requests made by the lender's interest rates derivatives traders, who wished to improve the bank's trading positions due to a profit motive.

Furthermore, Barclays had curtailed Libor submissions during the credit crunch, with senior management concerned about any negative reports in the media.

The firm also intended to influence other banks' Euribor submissions.

Barclays was found to have insufficient controls relating to this area until June 2010.

Chairman of the Treasury Select Committee Andrew Tyrie said: "This was a serious breach. I am very concerned about it."

"The price setting mechanism of Libor is crucial to the integrity of the markets," he added, stating:  "This appears to have been put at risk."

Amir Hussain
Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801395704-ADNFCR



Bookmark and Share
Tell a Friend
blog comments powered by Disqus

Enquiry Form

First Name 
Last Name 
Mobile Phone
Home Phone
Address Line 1 
Town
County
Post Code 
Email 
Circumstances
Claim Back Mis-Sold PPI Button

Belmont Thornton Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities; our registration is recorded on the website www.gov.uk/moj/cmr number 18273

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B16, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

Belmont Thornton Limited is registered with the Information Commissioners Office. Registration number Z1728023.

Please note that calls may be monitored for the purposes of staff training.

* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.

By using our web-site, you agree that we can place the types of cookies described in our privacy policy on your device.Hide