Worse still to come as banks could face criminal charges

01/07/2012

By Marcus Leach

The Serious Fraud Office (SFO) are believed to be considering bringing criminal charges against those bankers who tried to manipulate inter-bank lending rates.

With confidence in the banking sector already low as the economy continues to struggle, the latest debacle has seen it plummet even further. Following Barclays' record fine from the Financial Services (FSA), the bank saw their chairman, Marcus Agius, step down.

However, there could yet be worse to come as the government is also set to announce a wider a review of the banking industry in light of the scandal, and now there is the prospect of criminal charges.

Chancellor George Osborne is expected to announce more details of the wider inquiry when he makes a statement to the House of Commons this afternoon (Monday)

Ed Miliband, leader of the opposition, has also called for criminal charges to be brought against those involved in the rate-fixing scandal.

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