Monday, 2 July 2012

UK: Parliamentary committee inquiry into banking standards

The Government has announced that a Joint Committee of both House of Parliament will be formed to conduct an inquiry into banking standards. The inquiry will be chaired by the Andrew Tyrie MP, the chairman of the House of Commons Treasury Committee. Information about the inquiry, and other proposals, was given in the House of Commons by the Chancellor - see here - including the following proposed terms of reference: "... building on the Treasury Select Committee’s work and drawing on the conclusions of UK and international regulatory and competition investigations into the LIBOR rate-setting process, consider what lessons are to be learnt from them in relation to transparency, conflicts of interest, culture and the professional standards of the banking industry". It is the Government's intention that the Joint Committee's report should be published before the end of this year in order that its recommendations can be reflected in the Banking Reform Bill.

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