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British Banks under political scrutiny

British Banks under political scrutiny
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The focus on Barclays Bank following the interbank lending rate-fixing scandal has widened. Now all British banks will come under scrutiny in a parliamentary enquiry.

Prime Minister, David Cameron made the announcement in the House of Commons and said action would be taken right across the board and it would start immediately.

“This committee will be able to take evidence under oath, it will have full access to papers, officials and ministers – including ministers and special advisers from the last government and it will be given, by the government, all of the resources it needs to do its job properly,” he announced to MPs.

Earlier Marcus Agius resigned from his role as Chairman of Barclays. There is increasing pressure on the Chief Executive, Bob Diamond to walk as well.

The Serious Fraud Office says it will decide within four weeks whether to charge bankers who colluded to fix the interest rate between the London banks.

Its hoped the parliamentary enquiry will report by the end of this year.