Allegations of rate fixing and foreign exchange manipulation have provided setbacks for many banks across the globe as they try to reinforce capital buffers to provide better foundations in the event of another crisis. In the City of London, some bankers have been suspended from their roles, organizations have been fined and investigations have begun into the alleged wrongdoing. However, critics remain skeptical following the small number of prosecutions that have ended in a prison sentence.
U.K. Treasury chief George Osborne has been keen to show he is taking a tough line with the City. Back in June, he reiterated rule changes that mean potential jail terms for bankers that manipulate the markets. The new U.K. financial services law last year means senior bankers in Britain could now face up to seven years in prison if they were found guilty of reckless misconduct in regards to interest rate rigging.
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Chris Skinner, the CEO of Balatro and chairman of the Financial Services Club told CNBC that potential scandals in the pipeline could involve the fixing of silver markets as well more the miss-selling of financial products. However, he was hopeful that sector has changed since 2008.
"The culture has definitely changed significantly but we're still a long way away from fixing all the issues," he said.