As the Financial Ombudsman reports that UK’s PPI refund bill
will still rise in the next year, UK’s banks were contacted by international
regulators for their involvement in foreign exchange frauds and rigging the key
benchmarks for interbank rates.
Barclays had blown the whistle on the possible involvement
of several UK banks, including them, who might have tampered with the Euribor
or European Interbank Offered Rates. These rates handle exchanges worth €250
trillion in the entire Europe including the United Kingdom. HSBC had allocated
£84 million for refunds in case the regulators prove their involvement
This scandal is not far from the most recent Libor scandal. The
London Interbank Offered Rates were also rigged according to regulators and
again, four of UK’s high street banks were involved in the said rigging.
The respective banks had laid off the senior bank employees
responsible for the fiasco and had been fined hundreds of millions of pounds
for their misdemeanour.
According to experts, it will take quite a while for
consumer trust to finally get back to banks after the successive rows in the
financial industry. As for the PPI scandal, experts estimate that it could
possibly border beyond £20 billion in refunds halfway of 2014.
If you need details about PPI claiming, you could consult
with claims management companies or the Financial Ombudsman for support and counselling.
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