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BBA shocked at FSA LIBOR findings

The British Bankers’ Associations says it is shocked at the findings of the Financial Services Authority probe into Libor fixing at Barclays.

The regulator dished out its largest ever fine to the bank of £59.5m bringing the total cost to the firm in fines to £290m, including US penalties.

Chancellor George Osborne today revealed HSBC and Royal Bank of Scotland are also being investigated for Libor fixing.

The BBA says: “The BBA is shocked by yesterday’s report about Libor. The banks which contribute to the Libor rate must meet the necessary obligations to their regulators.

“The BBA has proactively co-operated with the authorities at every stage and will continue to work with the regulatory investigations into Libor, submitting information and making staff available for interview.”

A review into Libor was launched in March that will consider how rates are set in the future.



Abbey proc fee change is great move, not a scandal

After last week’s announcement that Abbey for Intermediaries is finally making changes to how it pays brokers’ proc fees on its core residential range, there were a number of comments on Mortgage Strategy Online against the move.

Virgin in first issuance after Rock buy

Virgin Money has launched its first securitisation since it acquired Northern Rock in January. The transaction, called Gosforth 2012-1, will be backed by a pool of UK prime, owner-occupied mortgages originated by Northern Rock. The total pool size is thought to be around £500m, but the transaction is not expected to price until early July. […]

Health services

Challenges and opportunities

By Sarah Scott, marketing consultant On 22 February this year the charity Diabetes UK launched a fundraising initiative, #Swim22. They challenged individuals to swim 22 miles over the course of 89 days – a distance that equates to the width of the English Channel. Because of the time period the challenge is spread over, it […]


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  • Post a comment
  • Chris Gardner 30th June 2012 at 3:16 pm

    Shocked? what a loads of cobblers.Even the cleaners knew.

  • Paul Neill 28th June 2012 at 2:32 pm

    Heads will roll because of this. let’s ban another dozen mortgage brokers!