Libor rate manipulation by banks

George Osborne changed the rules about fines paid by businesses for this sort of wrongdoing. They used to be used to help finance the overseeing body, whether the FSA, Ofcom or whoever. Now they go direct to the Treasury. What happens after that – apart from some, well advertised by GO, being used for a military hospital last year – is shrouded in obscurity.

On the BBC this morning they said the money would be used to fund the FSA and the residue would go into the treasury...

This is from Wikipedia
The Financial Services Authority (FSA) is a quasi-judicial body responsible for the regulation of the financial services industry in the United Kingdom. Its board is appointed by the Treasury, although it operates independently of government. It is structured as a company limited by guarantee and is funded entirely by fees charged to the financial services industry

I would think the fines just go into the FSA's coffers then.

Not so keen on the fines going to the US government though Nfk

Thanks Jane that sounds pretty definite. But what does the FSA do with it? Does it go to the Government? Can't imagine they keep it as bonuses.

I don't mind if the fines go to the government, sort of indirect taxation.

Well if you are right Jings it should help the deficit a bit! I would like to know definitely though.

From the BBC website:
"6 February 2013 Last updated at 19:20

The UK's Financial Services Authority issued a fine of £87.5m, while about £300m will be paid to US regulators and the US Department of Justice."

Don't all fines go to the Crown? Which I should think means the government these days.

Not really fair is it?

Mishap I am actually pondering on who will get the fines money - not who will pay it although I agree that is another interesting question.

Oh - I guess it will be the cuntmoers/investors who will finish up paying by some route or another - or am I getting old and cynical?