Another day, another (banking) scandal. Whatever next?
If you haven’t heard there’s a huge furor about several major banks colluding to fix the LIBOR and EURIBOR (bank to bank lending rates). In short; there’s been a bit of foul play. Some greedy bankers (get used to the term, it’s not going away any time soon) felt it would be wise to pander to the wants of fellow greedy bankers and manipulated interest rates that falsified the health of their organisations during the global financial meltdown (and beyond).
Well… try lying on a loan application, in fact any application, pretending you’re something that you’re not and able to offer something you don’t have… . I believe it’s called fraud. You could find yourself in serious trouble.
The BBC reports ‘Barclays had acknowledged on Wednesday that its actions between 2005 and 2009 had fallen “well short of standards”.’… err really? You think?
Panic not. The FSA is on it. NB Tongue is firmly in cheek.
If you’re worried about your money and thinking about switching banks you can use a platform like Money Saving Expert or the alternative Getoutofdebtfree to untangle yourself from this web of deceit. The unfortunate fact is that HSBC, RBS and the Lloyds banking group are also being investigated for the same practices. It’s not entirely what we need to hear at a time when the economy is already tough.
Feel free to let us know what you’re planning to do.