Suddenly the LIBOR scandal has vanished from the newspapers. The perception seems to be that now the fines have been paid, the case is closed. Or maybe we have been distracted by the more recent news of alleged money laundering within HSBC. Whatever is happening there are still questions that need answering.
Let’s be clear about it – it’s not just an issue which concerned one bank. I am not sure what the outcome will be of the investigations but I still have one important question. What has been the financial damage caused to businesses?
I fully accept that the damage to trust, integrity etc. is huge and a lot has already been written about this, so it doesn’t need any additional comments from me – other than to agree that on an ethical level the behaviour is outrageous.
Still, it would help my sense of understanding if I knew what financial damage businesses, savers or investors have suffered. We also predict there will be a further tsunami of miss-conduct examples as the investigations into rate rigging begin.
Thankfully we can avoid these issues for our customers and have been doing so for the last 40 years’. Our experience and track record enables us to gain access to key lenders so that we can help small and medium sized businesses obtain the right finance for their needs.