Belmont Thornton Logo
PPI Claims - About PPI

PPI Claim News

 
Bank charges: MPS say banks should be fined more for Libor

MPs said that the Financial Services Authority (FSA) should be able to impose higher fines on banks for Libor fixing.

The Treasury Committee said that the regulator should be tougher when imposing fines for Libor.

Banks that have helped authorities during the early stages of investigations have been able to receive a discount of up to 30 per cent on fines for having taken part in Libor fixing.

Barclays was one such bank that received a discount to the fine it received after it was found guilty of Libor fixing. The FSA fined Barclays £59.5 million for Libor fixing, which was the highest fine that the regulator had ever given. Without the discount given for co-operating in the investigation, however, the bank would have been fined £85 million.

Libor is a global scandal that saw banks manipulating the international benchmark rate in order to boost company profits.

UBS, Barclays and Royal Bank of Scotland have all been fined for Libor fixing.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801544243-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