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Taxpayer owned banks fined by the FSA

ProfilePosted byOptionsPost Date


OneFootInTheGrave Report 19 Feb 2013 14:40

The Financial Services Authority has fined Lloyds Banking Group £4.3m for delays in making PPI payouts and they also recently fined the Royal Bank of Scotland £87.5 million for their part in the LIBOR rate fixing scandal (London Interbank Offered Rate).

I think the tax payer owns about 43% of Lloyds and about 83% of Royal Bank of Scotland, that being the case then the Financial Services Authority is in a way punishing the taxpayer :-S

I think the fines should have been taken from the bonus pot of the hierarchy of these banks, why they get a bonus in the first place I do not know but it seems that their employment contract entitles them to one :-(


Simon Report 19 Feb 2013 17:51

And where does the money from all these fines go to? Does anybody know?


Porkie_Pie Report 19 Feb 2013 18:25

Simon, I would have thought that it goes back to the treasury/tax payer so just juggling money around whilst trying to make it look like their getting tough with the banks

Bullsh*t baffles brains they say but government/politicians really do believe that Joe public are stupid



OneFootInTheGrave Report 20 Feb 2013 07:16

Porkie_Pie you are right, as I have said previously, in the days before there was a state education system many people lacked basic skills such being able to read or write.

As a result when someone in authority said, now now dear you have to do this or you have to believe that, after all we are your betters, Joe Public did as they were told and believed much of what they were told.

I really do believe that politicians today are living on a different planet and that they still think that ordinary people are no more educated than they were back in those days, and that Joe Public will just sit back and accept all their spin, crap, cover-ups, and lies.