Banks should face ‘much bigger fines’, say MPs

Telegraph – Banks should be forced to pay much bigger fines if they “fail” to co-operate with investigations into their misbehaviour, according to the Treasury Select Committee. The MPs said the Financial Services Authority should have more “flexibility” to levy “much heavier penalties” against institutions found to be involved in scandals such as Libor-rigging. Firms found to have broken market rules are currently allowed as much as a 30pc discount on any fine if they begin helping the authorities early on in their inquiries. Read Article

Source Article from http://openyoureyesnews.com/2013/02/22/banks-should-face-much-bigger-fines-say-mps/

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