Investors fleeing risk might be caught in a trap by corporate bond funds (perhaps hitherto perceived as safe) because of their exposure to banks, according a newly launched UK-based investment platform firm.

Fundexpert says that investors avoiding equity markets could be "jumping out of the frying pan and into the fire" when tapping into corporate bond funds.

The beating taken by Barclays in the LIBOR scandal is an example of the hidden risk taken by uninformed investors, says Brian Dennehy of the platform, set up a month ago by IFA firm Dennehy Weller.

The scandal is far from over: more than 20 international banks, including Citi, UBS and Deutsche Bank, are reportedly being investigated for similar failings to Barclays.

Moreover, investor fear over a new global banking crisis is on the rise because of the situation in Spain, which received external financial loans of €100 billion ($125 billion) last month to shore up its ailing financial sector.

"The banking system is under increasing strain across Europe with S&P recently reminding us that those operating in the UK are certainly not immune," said Dennehy. “The fact remains that market and regulatory pressure combined with the general fragility of the eurozone means a banking crisis is never far away."

Research carried out by Fundexpert has found that corporate bond funds have seen an average 5 per cent gain in the past six months, but funds with high bond exposure underperformed in May.

The platform singles out the Rathbone Ethical Bond and Invesco Perpetual Corporate Bond funds, with 38 per cent bank bond exposure each, which dropped 2 per cent and 1 per cent respectively last month.