Belmont Thornton Logo
PPI Claims - About PPI

PPI Claim News

 
PPI claims: UBS fined for misconduct related to Libor and Euribor

UBS has been fined £160 million for misconduct related to the London Interbank Offered Rate (Libor) and the Euro Interbank Offered Rate (Euribor) in what is the largest penalty ever levied by the Financial Services Authority (FSA).
UBS' offences were wide-reaching, involving a variety of issues, numerous employees across a number of countries over the course of many years.

One example involved traders making requests to individuals at UBS responsible for determining Libor and Euribor asking them to adjust submissions to boost their own position.

Another issue was that UBS gave the jobs of determining Libor and Euribor to people who could make a profit or loss depending on what the rates were.

Manipulation was openly discussed at the firm and at least 45 individuals were aware of the practice of influencing submissions.

"The integrity of benchmarks such as Libor and Euribor are of fundamental importance to both UK and international financial markets. UBS traders and managers ignored this," said Tracey McDermott, FSA director of enforcement and financial

"They manipulated UBS' submissions in order to benefit their own positions and to protect UBS' reputation."

The Libor and Euribor scandal is among many examples of bad behaviour among banks in recent years, including the mis-selling of payment protection insurance.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801509426-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 B11, 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