Which? response to RBS fine for manipulating Libor

Which? executive director, Richard Lloyd, said:

“It is only right that RBS uses its bonus pot, and claws back bonuses from senior executives who presided over this scandal to pay for fines. Tax-payers should not have to foot the bill for yet another banking scandal.

“Those found guilty of illegal practice must be held to account and should face criminal prosecution. The Government must press ahead with Martin Wheatley’s recommendations without delay to bring independent governance and regulation of Libor. We want to see big change to fix our broken banking culture so that banks work for customers, not bankers.”

 

Background:

Which research found two-thirds of people (67%) think that bankers are unlikely to lose their job if they lie or cheat and eight in ten (78%) people think that where banks have broken the law, individuals should be personally prosecuted.

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