Page last updated at 18:46 GMT, Monday, 14 January 2013

Parliamentary Commission on Banking Standards

The commission took evidence from representatives of the financial sector on 14 January 2013.

The witnesses were the principal of the Institute of Financial Services' School of Finance and the chief executives of the Chartered Banker Institute and the British Bankers Association.

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 inter-bank interest rate.

UBS paid $1.5bn in a settlement in December 2012. RBS is expected to be the next bank to pay out a fine for rate-fixing.

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