The Treasury Select Committee has released its report into the LIBOR scandal following the evidence we heard last month, including from Bob Diamond.
As our Chairman, Andrew Tyrie, said, as a result of this inquiry, a good deal of further information has now been brought into the public domain. The Committee has called for action in a number of areas, including: higher fines for firms that fail to co-operate with regulators; the need to examine gaps in the criminal law; and a much stronger governance framework at the Bank of England.
The sustained rigging of a crucial benchmark rate has done great damage to the UK’s reputation. Public trust in banks is at an all-time low. Urgent improvements, both to the way banks are run, and the way they are regulated, is needed if public and market confidence is to be restored.
You can read the full report here.