Will the bankers ever learn?
It was widely reported in November that Barclays will be facing fines of up to £100m. Why? The fine is a result of alleged electronic trading abuses in relation to foreign markets. This fine is on top of the £485m they paid in May to the New York banking regulator for further manipulations. It was established that this was an intentional manipulation – the bank was not just lax in compliance (which may have been slightly more forgivable!).
Will the banks ever learn that they will not get away with it? After the previous HSBC scandal, this is just yet another in a long line of different strategies of ‘cutting corners’ that the banks seem to use on a regular basis. Barclays are not the first and I am sure will not be the last. Apparently the investigation is ongoing and so even more exploitation could be discovered, hidden within … Watch this space!
So, the next time a bank gives you advice, or tries to sell you something, DON’T ACCEPT IT! Please call us and ask our opinion, we’re always happy to help.