The government has ordered a parliamentary inquiry into professional and cultural standards in British banking less than a week after Barclays was fined for attempting to fix Libor and its European equivalent, Euribor.
Under intense pressure from Labour, Prime Minister David Cameron made the move amid growing demands for a public inquiry into the loss of trust in the bankimng industry. The proposed inquiry, including peers and MPs, will be chaired by Andrew Tyrie, the Conservative chairman of the Treasury Select Committee. It will look into what lessons can be learned in relation to "transparency, conflicts of interest, culture and the professional standards of the banking industry". It is due to report by the end of December and will be provided with extra research resources by the Treasury. ...
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