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The Impacts of the Libor Scandal on Consumer Sentiment and Banking Choice in the UK Product Image

The Impacts of the Libor Scandal on Consumer Sentiment and Banking Choice in the UK

  • ID: 2328904
  • July 2012
  • Region: United Kingdom, Great Britain
  • Retail Finance Intelligence (RFI)

Introduction

On June 27th 2012 Barclays bank was fined £290m by UK and US regulators for attempting to manipulate Libor rates, a scandal which eventually resulted in the resignation of Barclays Chief Executive – Bob Diamond. The FSA found that Barclays’ traders made routine attempts to lobby colleagues responsible for submitting the banks estimate of its borrowing costs to the BBA. It is widely suspected that the activity was not restricted to Barclays. With expectations high that similar sanctions will be handed out in the coming months, this report takes a timely view at the impact that the scandal has had to date on UK consumer sentiment and provider choice. This report examines the fall out that the scandal has had both for Barclays and the banking industry as a whole and provides insight as to the likely consequences for those banks who may be implicated in the scandal in the coming months.

Highlights

This latest scandal has added to the downbeat sentiment held towards the UK banking industry as a whole. As such the industry in general, particularly the larger institutions and high street banks, are felt to be collectively culpable. Research READ MORE >

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