The Commission was established as the LIBOR scandal started; its membership and mandate were announced yesterday evening. It is to consider and report on:
- “professional standards and culture of the UK banking sector, taking account of regulatory and competition investigations into the LIBOR rate-setting process;
- lessons to be learned about corporate governance, transparency and conflicts of interest, and their implications for regulation and for Government policy;
and to make recommendations for legislative and other action”.
The Commission has been asked to report on legislative action no later than 18 December 2012, so that any recommendations it makes can be reflected in the Banking Reform Bill (on which, see here).
See also: Sanctions for directors of failed banks: HM Treasury consultation
Reforming the structure of the EU banking sector: European Commission launches consultation
