03/07/2012
Investigation Into Banking Proposed
A six-month parliamentary investigation will see bankers have to give evidence on oath.
Prime Minister David Cameron rejected calls for a judge-led investigation, like the Leveson inquiry into media practices, saying a panel of MPs and peers would act more quickly and forensically.
The investigation will examine the "culture and professional standards of the financial services industry" and determine what steps to take in future including potential new criminal sanctions.
If the report is out by Christmas its findings will be included in next year’s Banking Reform Bill.
He said: "I don't think a long costly public inquiry is the right answer. It would take months to set up and years to report. We know what went wrong. We can't wait until 2015 or 2016 to fix it. Let us have a serious inquiry, but let us have an inquiry that comes to a conclusion within a measurably short period of time, so we can actually amend the law that is going before the House next year."
A separate independent review will be held into revelations that banks fixed lending rates to make their finances look healthier.
Bob Diamond of Barclays has already resigned and the bank has been fined by the Financial Services Authority, but the practice is believed to have been common across other banks so fresh revelations are due, including from the glitch-hit RBS Group.
Treasurer George Osborne said the failure to regulate banks in the past had "cost the country billions of pounds" and the government needed to step in fast.
(NE)
Prime Minister David Cameron rejected calls for a judge-led investigation, like the Leveson inquiry into media practices, saying a panel of MPs and peers would act more quickly and forensically.
The investigation will examine the "culture and professional standards of the financial services industry" and determine what steps to take in future including potential new criminal sanctions.
If the report is out by Christmas its findings will be included in next year’s Banking Reform Bill.
He said: "I don't think a long costly public inquiry is the right answer. It would take months to set up and years to report. We know what went wrong. We can't wait until 2015 or 2016 to fix it. Let us have a serious inquiry, but let us have an inquiry that comes to a conclusion within a measurably short period of time, so we can actually amend the law that is going before the House next year."
A separate independent review will be held into revelations that banks fixed lending rates to make their finances look healthier.
Bob Diamond of Barclays has already resigned and the bank has been fined by the Financial Services Authority, but the practice is believed to have been common across other banks so fresh revelations are due, including from the glitch-hit RBS Group.
Treasurer George Osborne said the failure to regulate banks in the past had "cost the country billions of pounds" and the government needed to step in fast.
(NE)
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TSB Flotation Announced By Lloyds Bank
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Shell Wants Scotland In The UK
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Lloyds Claws Back £2m Of Executives' Bonuses
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Northern Ireland WeatherToday:A sunny but frosty start for many. However cloud increases by midday with a few showers reaching the north coast, these mostly light but spreading inland this afternoon. Chilly. Maximum temperature 8 °C.Tonight:A rather cloudy evening with scattered showers. Becoming drier through the night with some good clear spells developing and a patchy frost away from coasts. Minimum temperature 0 °C.