LIBOR fine rightly hits UBS where it hurts – Williams
December 19, 2012 3:36 PM
Originally published by East Midlands Liberal Democrats
Originally published by East Midlands Liberal Democrats
Commenting on the record fine of £160m imposed on UBS for LIBOR fixing Liberal Democrat Treasury Spokesperson, Stephen Williams said:
"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."
The Facts
- The Financial Services Authority (FSA) has fined UBS £160m for misconduct relating to the London Interbank Offered Rate (LIBOR) and the Euro Interbank Offered Rate (EURIBOR).
- This is the largest fine ever imposed by the FSA.
- The Financial Services Bill will ensure that all FSA fines levied from 1 April 2012 and all future fines of the two bodies to replace the FSA (the Financial Conduct Authority and Prudential Regulatory Authority) go to public funds, minus the cost of enforcement.