MSE News: Barclays hit with gigantic £290m in fines after series of lies

Sceptic001

Yet another catastrophic failure by the Financial Services Authority. They spent their time (and our money) in the mid to late 2000s faffing around investigating bank charges while the banks were driving the economy at high speed into a brick wall.

Let's hope the Bank of England do a better job at bank regulation than the disgraceful FSA.

diable

Sooooo for the last year mortgage companies have been saying to us that Yes interest rates are low but your mortgage is going to go up because of the LIBOR rates, have they screwed us over if they have kept the rates artificially high to claw back more money in to their pot?

I wonder if this is another PPI in the making?

opinions4u

Tiddly wrote: »

Barclays have confirmed that there actions are wrong. I support a Criminal Investigation into these actions.

This morning I have actioned the closure of all accounts I have with Barclays and its subsidiaries (Woolwich). I will no longer be associated with Barclays. Standard Life are also linked to Barclays.

I suggest others do the same. Words without actions are just words.

In what way are Standard Life associated with Barclays? They sold them their mortgage book. Anything else?

Mandelbrot

LadyDee wrote: »

So who gets all this money? Does it just go into the Treasury pot?

The largest fines are being levied by US governmental agencies, and so most of the money will go to the US government.
http://www.fsa.gov.uk/library/communication/pr/2012/070.shtml

John_Pierpoint

LadyDee wrote: »

So who gets all this money? Does it just go into the Treasury pot? The executives who were involved should lose their jobs. Big deal - they are not taking their bonuses. One year's bonus for one executive is probably more than I could earn in my lifetime. Why aren't they facing criminal charges if what they have done is wrong. I don't see that fining the 'bank' punishes the individuals. Presumably it'll be the customers and shareholders who really lose out.

A larger thread here:
https://forums.moneysavingexpert.com/discussion/4040243

It seems the answer to who gets the money, seems to be "any non guilty bank" in the form of lower fees towards paying for the the regulation process.

[We are seeing this more and more - The Government is already spending just about 50% of GDP and so is desperate not to put "taxes" through the government's books if it can avoid doing so.]