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Home > Regulation > UK Regulation

Tyrie calls for evidence on UK banking sector

Chairman of Parliamentary Commission says evidence is needed to gauge scale of problem and identify likely remedies.

By Donia O'Loughlin | Published Jul 26, 2012 | comments

The Parliamentary Commission on Banking Standards has called for written evidence on the professional standards and culture of the UK banking sector, following is first formal meeting on 24 July (Tuesday).

The commission was established in the wake of the London interbank offered rate manipulation and was placed on the order paper at the House of Commons on 16 July.

The banking inquiry is set up to investigate professional standards and culture of the UK banking sector and issues of corporate governance, transparency and conflicts of interest.

Andrew Tyrie, Treasury Select Committee chairman, will lead the commission, which will also include prominent MPs Mark Garnier, Andrew Love, Pat McFadden and John Thurso.

Mr Tyrie said: “Banks should exist to support their customers, both retail and wholesale. Some of these customers have been badly let down.

“Almost everyone is agreed that standards in banking have lapsed. Today, the Parliamentary Commission on Banking Standards has issued a call for written evidence. We need evidence to gauge both the scale of the problem and to identify likely remedies.

“By reforming the culture and practices that have so clearly failed their customers - and by being seen to be making such changes - banks can begin the process of regaining the trust of the British public.

“This is vital if they are to play a significant role in the UK’s economic recovery and future growth.

“Moreover, the hundreds of thousands of people working honestly and for the benefit of their customers whose reputations have been unfairly impugned by the recent scandals may once again be able to take pride in the institutions they work for.”

Any written evidence should be submitted by 24 August. The commission will be expected to report on any legislative action no later than 18 December.

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