Bank LIBOR Interest Rate Scandal

After speaking to some of the Master Agents and Appointed Representatives today regarding the LIBOR and Swaps which has hit the news over the last couple of days.

As a business we are going to do some further investigation and attempt a test case in this area. We beleive the major impact will be on commercial loans etc.

Although the banks have today told the FSA they are going to write to all the clients we know what happened with the PPI and are sure this WILL NOT HAPPEN as the amount owed will be a staggering figure and far greater than PPI.

We do see this as a opportunity and will keep you informed of our progress.

Sir Mervyn King said the UK’s banks need a ‘real change in culture’

Bank of England governor Sir Mervyn King has launched a stinging attack on British banks and called for a ‘real change in culture’ as lenders became further embroiled in controversy.

Sir Mervyn said there was no need for a Leveson-style inquiry, but admitted ‘something went very wrong with the UK banking industry and we need to put it right’.

The governor’s comments came as a fresh mis-selling scandal involving complex financial products added to the anger surrounding the rate-rigging affair uncovered at Barclays earlier in the week.

Taxpayer-backed Royal Bank of Scotland also confirmed it was being investigated for manipulating the rates at which banks lend to each other, known as Libor.

Onwards & Upwards!

Sukhi Wahiwala

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