Banks admission of FX rigging and fines

A question about : Banks admission of FX rigging and fines

Hi , Having been found guilty of rigging FX , the major banks ,( apart from Barclays who are still in negotiation over the size of the fine ), have been fined. All well and good the treasury is getting a load of cash . What about the customers who ended up with rates which were not what they should have been and were unfairly treated . Wouldn't this be similar to PPI and the banks be expected to address the error made. Would you think the FCA would make a ruling like they did with PPI???. Or will it come down to individual customers taking on ther banks

Best answers:

• I think this will be big thing in the New Year. Need somebody to issue Court documents and get a good result. The Banks will then cough up
• The Forex scandal is about manipulating values of currency on the world trade markets but the changes were fractions of a % - as an example, HSBC did one fixed trade where the GBP/USD rate dropped from 1.6044 to 1.6009 - a tiny amount (and it would almost certainly not have affected the rate a consumer buying holiday money would have got anyway).
  If you take that HSBC example, if you were buying Ј1000 worth of USD you would have got either $1604.4 or 1600.9 - 3.5 dollars difference - you get a bigger change day to day given the currency fluctuations .
  Seriously move on and stop grubbing for money
• Nasqueron, what about the 153% the dollar lost to the swiss franc in the preceeding years, these were not mere 100's of a cent, they were massive moves and nothing was mentioned. So I disagree, the moves definitely affected EVERYONE.
  By comparison, when the rouble (not the reserve currency like the dollar is) recently dropped by 20%, all hell broke lose. Seems to be ok to manipulate if the manipulators are banks running government and regulators.
• @sub7
  you're quite right and the EU commission have made a new legislation that helps people make claims, or you could join me in a class action with 1,000's of other people.
  Unless public rack back losses, these bankers will carry on doing this and paying peanut fines.
  Public need to work together and put banks in place and their traders in prison for theft.
  By the way, the small % moves mentioned in the press are not what caused the crisis, it's the big ones that went on being ignored. The 4pm is merely a distraction, a scapegoat to what banks don't want regulators to highlight because banks would be instantly bankrupt & closed.
• The large currency movements were caused by central banks legally manipulating the markets. Low/zero interest rates, QE (printing).
  The investment bank illegal manipulations were tiny, tiny, temporary blips which the normal consumer would not have been affected by.
  There would be a counterparty, who could claim, but most likely another bank.
  Similar with LIBOR.
• This subject has been considered at length in previous posts. As Nasqueron says the amounts involved are miniscule and as many people profited from the manipulation as lost from it. For all we know the OP is one of these.