Switch to an accessible version of this website which is easier to read. (requires cookies)

LIBOR fine rightly hits UBS where it hurts

December 19, 2012 6:51 AM
Originally published by UK Liberal Democrats

"I very much welcome the FSA levying its biggest ever fine; a fitting tribute to appalling acts of misconduct and deception. Hitting banks where it hurts most, their profits, sends a clear signal that they must change their ways if they want to operate in the UK. We need a banking system which serves society, not itself.

"Because of Coalition action the £160m will go into the public pot rather than back to the banks which do not deserve it. It is hard to understand why the previous Government tolerated recycling fines for the benefit of the offenders, but I am glad that the Coalition has restored common sense and made sure that since April this year all fines will go back into the public purse.

"I now want to see those individuals found guilty of misconduct dealt with by the regulators and those bankers who broke the law to be served justice. I will be working with my Liberal Democrat colleagues to make sure the Serious Fraud Office has the resources it needs to bring further prosecutions."

What would you like to do next?

  • Subscribe for updates

    Read updates from this website in your desktop or online news reader

    • On a news reader website

      •  
      •  
      •  

      In a desktop news reader or a website not listed above

      •  
    • Example monthly digest email
      •  
      •  
      •  
    • If you submit your contact details, the Liberal Democrats and their elected representatives may use the information you provide to contact you about issues you may find of interest. Some of the contacts may be automated. You can opt out of these contacts at any time by contacting us.


    • Generate different image

    Join our email list

    • If you submit your contact details, the Liberal Democrats and their elected representatives may use the information you provide to contact you about issues you may find of interest. Some of the contacts may be automated. You can opt out of these contacts at any time by contacting us.


    • Generate different image

    Follow the party's activity on...

    • YouTube:
  • Share this page

    Share this page on another website

    Link to this page

    On websites and printed material:
    garstonld.org.uk/en/article/2012/643894/libor-fine-rightly-hits-ubs-where-it-hurts
    In text messages, Twitter, or reading over the phone:
    ldgarston.org/a4wVp

    Email this page to a friend


    • Generate different image
  • Help out or donate

    Help out in your local area

      •  
      •  
      •  
      •  
      •  
      •  
      •  
      •  
      •  
      •  
      •  
      •  
    • If you submit your contact details, the Liberal Democrats and their elected representatives may use the information you provide to contact you about issues you may find of interest. Some of the contacts may be automated. You can opt out of these contacts at any time by contacting us.


    • Generate different image
  • Tell us what you think

    Send us your views

    • If you agree, the Liberal Democrats and their elected representatives may use the information you provide to contact you about issues you may find of interest. Some of the contacts may be automated. You can opt out of these contacts at any time by contacting us.


    • Generate different image