"No redress" for Libor scandal victims Buy-to-let investors, private bank clients and borrowers with poor credit histories may have had their mortgage payments affected by attempts to rig interest rates - but none are likely to be entitled to compensation. This week, Barclays was fined £290m by UK and US authorities for attempting to manipulate Libor - the London interbank offered rate - which is used to set rates for some mortgages, credit cards and savings accounts. Barclays" misconduct is not thought to have impacted the 250,000 UK borrowers whose loans are directly linked to Libor, as the Financial Services Authority (FSA) found only evidence of attempts to distort dollar Libor and the European Euribor rate - not sterling Libor, which is used to price certain UK buy-to-let, private bank and "subprime" mortgages. "The fact that it was not sterling Libor means it will have had a minimal effect," said Ray Boulger of broker John Charcol. However, Britons with holiday homes are at risk of having had mortgage rates set artificially. "Almost everyone who borrows money in Europe would have been affected," said Sean Adams of broker SPF Private Clients. Whether it's a positive or negative effect is difficult to say. Other UK borrowers must wait for the extent of Libor rigging to be revealed. Nine other banks, including HSBC and RBS, remain under investigation - and it is not known whether sterling Libor manipulation has been detected. Compensation is not expected, though. A spokesman for the Financial Ombudsman Service (FOS) said it might be difficult to show how consumers had directly lost out. "It's probably going to be two steps too removed and we wouldn't want to give anyone false hopes," he said. Consumer groups have called for bank fines to be used for the benefit of customers, but Which? suggested this should be done through debt advice and financial education.