AIFA urges Osborne to rethink fines grab

In the light of the Barclays LIBOR scandal, George Osborne announced he would change the rules to ensure that fines go into the Exchequer's pot to "help the taxpaying public". Under the current system, fines are used to offset the following year's fees and levies. Chris Hannant, policy director at AIFA, confirmed he was writing to the Treasury on the issue and explained the trade body's concerns. "Although it is inappropriate that banks should benefit from their own fines, to effectively punish the wider financial services sector doesn't seem right to us," he said. "Even if they...