RBS chiefs to appear before Banking Commission

Author: Laura Miller
IFAonline | 06 Feb 2013 | 15:28

Categories: Economics / Markets

Topics: RBS| FSA

tyrie

The Parliamentary Commission on Banking Standards is set to take evidence from the chairman and chief executive of Royal Bank of Scotland Group (RBS), Sir Philip Hampton and Stephen Hester,

The meeting will take place at 16.30 on Monday 11 February.

Today RBS was fined a collective £391m for its role in the LIBOR rigging scandal, with the Financial Services Authority's (FSA) investigation finding over 200 "inappropriate" rate submissions.

The fines, made up of an £87.5m FSA fine and over £300m in US penalties, relate to "widespread" misconduct at the bank in its attempts to manipulate the London Interbank Offered Rate.

Commenting on the fine and the publication of the FSA's final notice on the matter, the chairman of the Parliamentary Commission on Banking Standards, Andrew Tyrie MP (pictured), said: "Systematic rigging of important benchmarks such as LIBOR was pervasive throughout the banking industry over many years.

"With each successive final notice, further appalling behaviour has been laid bare. This was an industry-wide problem. This is the first final notice where the UK taxpayer is also at direct risk.

"The Commission will examine the final notice in detail. We will also discuss the future of RBS."

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