Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

RBS faces £350m fine over Libor scandal

RBS faces £350m fine over Libor scandal

Royal Bank of Scotland (RBS) is facing a fine of more than £350 million for its role in the Libor fixing scandal, according to The Sunday Times.

The paper said it understood the bank was negotiating with regulators in Europe and North America over a penalty following allegations some of its staff attempted to manipulate Libor, and that the fine was likely to exceed the £290 million paid by Barclays.

But it added that the fine would not be announced until the penalty for UBS, thought likely to exceed $1 billion (£620 million) is announced.

RBS declined to comment to the paper.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Your Business: Cover Star Club

Profile: The opportunity set that attracted Brett Williams to wealth management

Profile: The opportunity set that attracted Brett Williams to wealth management

Brett Williams is best known for helping to build some of the biggest platforms in the IFA market.He made the move over to wealth management to head SEI’s UK business earlier this year in the belief that this is where the best opportunities now lie.

Wealth Manager on Twitter