Page last updated at 16:26 GMT, Wednesday, 9 January 2013

Banking Standards

The specially convened Banking Standards Commission took evidence from senior staff at UBS.

The witnesses who appeared in the session on 9 January 2013 were:

  • Andrea Orcel, CEO of UBS
  • Philip Lofts, Group Chief Risk Officer for UBS
  • Andrew Williams, Global Head of Compliance for UBS.

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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