Page last updated at 14:35 GMT, Wednesday, 9 January 2013

Banking Standards

The specially convened committee took evidence from former senior investment banking staff at UBS including ex-CEO of the UBS group, Marcel Rohner, on 10 January 2013.

The committee also heard from former senior managers at the Financial Services Authority.

The parliamentary commission was set up in the wake of the Libor scandal, and is looking at lessons to be learned about corporate governance, transparency and conflicts of interest, and their implications for regulation and government policy.

The Libor scandal emerged in June 2012, when UK and US authorities fined Barclays £290m for fixing a key London-based inter-bank interest rate.

In December 2012, Swiss banking giant UBS was fined £940m by Swiss, American and British regulators for attempting to manipulate the Libor rate.

The bank also admitted to manipulating Euribor and Tibor - the equivalent interest rates set by lenders in the eurozone and in Tokyo.

It is the second-largest set of fines imposed on a bank to date.


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