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Loan charges: Which? comments on Barclays fines

Which? has said the fine imposed on Barclays Bank by the Financial Services Authority (FSA) after it was found to be receiving favourable bank charges by distorting Libor and Euribor rates provides further evidence of the problems within the sector.

Chief executive of the consumer advocacy group Peter Vicary-Smith stated the scandal "highlights the corruption at the heart of our banking system".

Despite the fact that the credit crunch was four years ago, there is still no indication that the industry's "worst culture and practices" have changed, he declared.

Consumers can receive inflated loan charges due to these issues, with the specialist arguing the FSA "should be open and transparent about the cost to ordinary borrowers of these rigged interest rates".

Furthermore, if members of the public have lost out, lenders should be forced to make bank refunds to "compensate borrowers", he added.

The FSA fined Barclays £59.5 million after finding it had committed misconduct.

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801396011-ADNFCR

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