Richard Lloyd, Which? executive director, said:
“Which?, and the 42 members of European consumer body BEUC, have written to the European Commission urging a thorough investigation of the impact that the LIBOR and EURIBOR rate-rigging scandal has had on European retail banking customers.
“If this gross misconduct is found to have harmed European consumers, the Commission should not only ensure that those at fault are sufficiently punished, but more importantly, that an EU wide collective redress mechanism is put in place so that consumers are compensated – without the need for them to make individual claims.
“This is a critical moment for rebuilding trust in European banks and we urge the Commission to seize this opportunity.”