Osborne outlines banking inquiry to report at end of 2012
The inquiry will be able to call witnesses under oath, including MPs and lords
By CFOWorld staff | CFO UK | Published 17:33, 02 July 12
Chancellor George Osborne outlined to parliament on Monday an inquiry into the latest banking crisis eschewing a long-drawn out review to report instead by the end of this year.
Osborne said the time would be sufficient to allow the government to report its findings, change laws and prevent a repeat of the interest rate fixing scandal, that was unveiled by US and UK regulators last week when they fined Barclays bank £290 million.
"I propose that it should be able to call witnesses under oath, including current members of parliament and lords," Osborne told MPs, adding that urgent changes were needed to regulate Libor rates and other markets.
Martin Wheatley, chief executive designate of the Financial Conduct Authority, a successor to the Financial Services Authority, would review what reforms are required to the current framework for setting and governing Libor and report by the end of summer, Osborne said.
He added that fines to the banking sector would go to taxpayers, not other banks, in an apparent move to placate a broader public angry at the Libor scandal engulfing the industry.
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