On July 18, Parliament published a press release announcing that a parliamentary commission on banking standards has been appointed. Press Release.

The commission will consider and report on:

  • Professional standards and culture of the UK banking sector, taking account of regulatory and competition investigations into the London Interbank Offered Rate (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.

The commission has been asked to report on legislative action no later than December 18 (before the Banking Reform Bill is published) and on other matters as soon as possible afterwards.