UK may hold bank bosses to account for rogue staff

LONDON--U.K. Prime Minister David Cameron Monday announced that a full parliamentary committee of inquiry will be held into the banking scandal that saw Barclays PLC (BCS) last week pay a $453 million settlement for manipulating the interbank lending rates.

The committee of inquiry will be led by Andrew Tyrie, who is the chairman of parliament's Treasury Select Committee, and will have the power to take evidence under oath.

"It will have full access to papers, officials and ministers, including ministers and special advisers from the last government," Mr. Cameron told lawmakers in the House of Commons, the lower house in the U.K.


parliament. "This is the right approach because it will be able to start immediately, it will be accountable to this house and it will get to the truth quickly so we can make sure this never happens again."

Chancellor of the Exchequer George Osborne will announce further details of the committee of inquiry later Monday.

News of the parliamentary inquiry comes after Barclays said it would launch an independently led audit of its business practices. The bank's Chairman Marcus Agius also Monday confirmed he would resign, taking responsibility for last week's multi-million dollar settlement of an interest-rate manipulation probe.

Source: http://www.nasdaq.com/article/uks-cameron-to-set-up-full-parliamentary-committee-inquiry-into-banking-20120702-00740