As analysts try to determine just went wrong in the bad credit unsecured personal loan industry, rumors are swirling out of control. Allegations have been made that there was unsavory conduct on the part of banks and brokers with many bad credit unsecured personal loan applications and the industry is awash with rumors and innuendo. While it is not yet clear what happened in the bad credit unsecured personal loan industry to make it go bust, it is clear that getting to the bottom of the issue will not be easy. Banks and brokers are denying these allegations and demanding retractions while several agencies, along with the FSA continue their investigations.
The agency released the following statement, “Specifically, we are examining what policies are in place and how firms ensure compliance with them, whether and how rumours are verified, whether traders are permitted to pass on or trade on rumours and how firms ensure staff do not initiate or spread false rumours.
“This exercise is covering a range of investment banks, securities firms and hedge fund managers. We will communicate our findings to the market in the early autumn.”
Related reading: Bad Credit Unsecured Personal Loan
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