Money News in Brief: Yet Another Banking Scandal!
by from money.co.uk, 11 months ago

It's almost unbelievable but the world of banking has been rocked by yet another scandal.

Money News in Brief: Yet Another Banking Scandal!

The scope and impact is still not clear but it's likely you will have been affected in some way.

If you've been unfortunate then the consequences could have cost you dear - it's believed that some could have lost their homes and livelihood as a result!

The scandal centres on the manipulation of the Libor (the rate at which banks lend to one another) during the mid-2000s by staff at a number of the 'big banks'.

Barclays were the first to be incriminated (the FSA have already hit them with a £290m fine that will go to taxpayers) but other banks appear to have been involved too - just how many and to what extent still remains to be seen.

The government have already launched an investigation into the scandal but it's looking increasingly likely that those found to be involved will face criminal prosecution for their actions.

Read our guide: Rigging the Libor: What's Happened? for more on what the banks have done and how you've been affected.

What else has been happening?

The 3p/litre increase in fuel duty has been postponed

Government intervention has meant the rise scheduled for 1st August will not take effect until 1st January next year - at last, some respite for motorists!

Ulster Bank customers are still having problems

Missed payments and problems accessing their accounts caused by technical issues with the RBS Group's computer system that occurred almost two weeks ago are still ongoing for Ulster Bank customers. If you're in financial strife you should contact your local branch as soon as possible as they will be able to help. Most Natwest, RBS and Think Banking customers' accounts are now in order, but if you're still having problems let your bank know without delay.

Parents that don't live with their children will have to pay more towards their living costs

Changes due in October mean parents receiving income-related benefits will see their child maintenance payments double from £5 a week to £10, but those that share childcare 50/50 will no longer have to pay anything.

Cheap landline provider Primus Saver is putting up its prices

Their 'market leading' Line Rental Saver deal will increase from 15th August by £1.20 a month to £7.49, and the cost of calls will go up too - details of exactly how much will be published on 15th July. If you're a customer it will be worth checking that they'll still be able to give you value for money.

Calls, texts and mobile data in Europe will now cost you less

New EU regulations that came into force this week mean you'll now pay no more than 23p/minute to make calls (plus VAT) on the continent, 10p/minute to receive them and, most importantly 56p/MB for data usage - something that should help to protect you from 'bill shock'. Do remember that these caps only apply within Europe so using your mobile elsewhere is still likely to be very costly.

If you'll be driving in France this summer you'll need to get a breathalyser

A new, compulsory measure introduced to help reduce the number of accidents caused by drink driving means all drivers in France will have to carry a breathalyser in the car with them. There's a grace period until 11th November, but get caught without one thereafter and you'll need to pay an 11 euro fine.

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