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PPI claims: UBS to undergo an investigation for 'misconduct' in Hong Kong

Hong Kong is to investigate UBS over "possible misconduct" in regards to the special administrative region's interbank lending rate.

This news comes just a day after the Swiss bank agreed to pay almost £1 billion to regulators for manipulating London Interbank Offered Rate (Libor) and Euro Interbank Offered Rate (Euribor).

The Hong Kong Monetary Authority explained that regulatory authorities overseas supplied it with information regarding misconduct related submissions for the Hong Kong Interbank Offered Rate (Hibor), as well as other reference rates in the Asia region.

Investigations will establish whether misconduct would have had any actual impact on Hibor, which is used as a benchmark for economies in the region.

This news comes as part of a long line of financial scandals in recent years, including the mis-selling of payment protection insurance (PPI).

Jennifer Haines
Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-801510243-ADNFCR

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