Govt: 'difficult' to assess consumer impact of LIBOR rigging

clock

The government has admitted it is ‘difficult' to ascertain the impact of the LIBOR rigging scandal on consumers and whether banks will have to pay out compensation as a result of it.

Following the record fines issued to Barclays for manipulating the inter-bank lending rate, which is used to set credit card and mortgage rates, concerns were raised that consumers may have lost out as a result. In a written question to the chancellor, David Morris MP asked whether the Treasury could estimate the number of individuals potentially affected by the scandal and the prospects for providing them with compensation. Answering on behalf of the chancellor, financial secretary Mark Hoban explained why there was no decision yet on whether there was any consumer detriment. He s...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA releases further details on bereavement processes review

FCA releases further details on bereavement processes review

Review to focus on platforms, advisers and wealth managers

Sophia Panayi
clock 13 May 2026 • 2 min read
Adviser fined £755,000 and banned from financial services

Adviser fined £755,000 and banned from financial services

Put customers at risk ‘for personal financial gain’

Sophia Panayi
clock 12 May 2026 • 2 min read
Three arrested in FCA crackdown on suspected illegal financial promotions

Three arrested in FCA crackdown on suspected illegal financial promotions

Properties searched

Michael Nelson
clock 05 May 2026 • 1 min read