Mandem Posted November 12, 2014 Share Posted November 12, 2014 Just been reading this on the news, what I want to know is who gets the £2bn fine, it never says, I presume its respective governments. Anyone got the answer? Link to comment Share on other sites More sharing options...
Bonzo77 Posted November 12, 2014 Share Posted November 12, 2014 Just been reading this on the news, what I want to know is who gets the £2bn fine, it never says, I presume its respective governments. Anyone got the answer? FCA issued the fines in the UK. They've been set up to regulate banks and promote competition etc. Without the FCA banks would be getting away with this sort of thing on a regular basis. In my opinion, the fins is not large enough. Link to comment Share on other sites More sharing options...
Mandem Posted November 12, 2014 Author Share Posted November 12, 2014 Yes I agree, but it still doesn't say who gets the money. Link to comment Share on other sites More sharing options...
Bonzo77 Posted November 12, 2014 Share Posted November 12, 2014 Yes I agree, but it still doesn't say who gets the money. It used to work it's way back to the banks, one way or another. But thankfully that's changed now. The money is now given to the treasury and given to charities. I think it's mainly (or even only) given to military charities. Link to comment Share on other sites More sharing options...
geared Posted November 12, 2014 Share Posted November 12, 2014 I assumed only the government or public authority could issue a fine, and as such they'd receive the money back. Link to comment Share on other sites More sharing options...
barleycorn Posted November 12, 2014 Share Posted November 12, 2014 FCA issued the fines in the UK. They've been set up to regulate banks and promote competition etc. Without the FCA banks would be getting away with this sort of thing on a regular basis. In my opinion, the fins is not large enough. Ultimately any fines will hit the general public in the wallet. Rather than impose an even bigger fine it would be better, IMO, to prosecute the people who actually perpetrated the fraud... which it seems may be happening. http://www.bbc.co.uk/news/business-30016007 jb Link to comment Share on other sites More sharing options...
Bonzo77 Posted November 12, 2014 Share Posted November 12, 2014 Ultimately any fines will hit the general public in the wallet. Rather than impose an even bigger fine it would be better, IMO, to prosecute the people who actually perpetrated the fraud... which it seems may be happening. http://www.bbc.co.uk/news/business-30016007 jb Both should happen. Banks get away with too much. They're a necessity of modern life, they should be regulated to hell and back. By that, I don't mean they shouldn't be allowed to make good profits. Link to comment Share on other sites More sharing options...
Mecky Posted November 12, 2014 Share Posted November 12, 2014 Peanuts to the banks, the benefit to the bank will probably far outweigh the cost of fines Link to comment Share on other sites More sharing options...
Bonzo77 Posted November 13, 2014 Share Posted November 13, 2014 Why has no one been prosecuted for this act of fraud? Link to comment Share on other sites More sharing options...
JFKvsNixon Posted November 13, 2014 Share Posted November 13, 2014 This money will cover the amount that we owe the EU nicely with a little left over for Xmas. Link to comment Share on other sites More sharing options...
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