House of Lords House of Commons Parliamentary Commission on Banking Standards

First Report First Report of Session 2012–13 Volume I: Report, together with formal minutes Volume II (written evidence) is available on the Commission’s website, www.parliament.uk/bankingstandards, along with other oral and written evidence

Ordered by the House of Lords to be printed 19 December 2012 Ordered by the House of Commons to be printed 19 December 2012

HL Paper 98 HC 848 Published on 21 December 2012 by authority of the House of Commons London: The Stationery Office Limited £0.00

Parliamentary Commission on Banking Standards The Parliamentary Commission on Banking Standards is appointed by both Houses of Parliament 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. Current membership Mr Andrew Tyrie MP (Conservative, Chichester) (Chairman) The Lord Bishop of Durham (Non-Affiliated) Mark Garnier MP (Conservative, Wyre Forest) Baroness Kramer (Liberal Democrat) Rt Hon Lord Lawson of Blaby (Conservative) Mr Andrew Love MP (Labour/Co-operative, Edmonton) Rt Hon Pat McFadden MP (Labour, Wolverhampton South East) Rt Hon Lord McFall of Alcluith (Labour/Co-operative) John Thurso MP (Liberal Democrat, Caithness, Sutherland and Easter Ross) Lord Turnbull KCB CVO (Crossbench) Powers The Commission has the power to require the submission of written evidence and documents, to examine witnesses, to meet at any time (except when Parliament is prorogued or dissolved), to adjourn from place to place, to appoint specialist advisers, and to make Reports to both Houses. The Commission has power in the appointment of a Chairman. Publications The Reports and evidence of the Commission are published by The Stationery Office by Order of the House. All publications of the Commission (including press notices) are on the Internet at http://www.parliament.uk/bankingstandards. Commission staff The following parliamentary staff are currently working for the Commission: Colin Lee (Commons Clerk and Chief of Staff), Adam Mellows-Facer (Deputy Chief of Staff), Richard McLean (Lords Clerk), Lydia Menzies (Second Clerk), Robert Law (Commission Specialist), Jay Sheth (Commission Specialist), Gavin Thompson (Commission Specialist), James Abbott (Media Officer), James Bowman (Senior Committee Assistant), Claire Cozens (Senior Committee Assistant), Daniel Moeller (Committee Assistant), Ann Williams (PA to the Chief of Staff) and Danielle Nash (Committee Support Assistant). The following staff are currently on secondment to the Commission from outside Parliament: Philip Airey , Paul Brione, Suvro Dutta, Oonagh Harrison, Sadiq Javeri, Zoe Leung-Hubbard, Mayur Patel, Julia Rangasamy, John Sutherland, Greg Thwaites and Elizabeth Wilson.

Contacts All correspondence should be addressed to the Clerks of the Parliamentary Commission on Banking Standards, 14 Tothill Street, London SW1H 9NB. The telephone number for general enquiries is 020 7219 8773; the Commission’s email address is [email protected] Footnotes In the footnotes of this Report, references indicated by ‘Q’ and followed by a question number refer to oral evidence taken by the Commission. Transcripts of this oral evidence and oral evidence taken by the Commission’s panels are available at http://www.parliament.uk/business/committees/committees-a-z/jointselect/professional-standards-in-the-banking-industry/publications/. References indicated by ‘Ev w’ followed by a page number refer to written evidence published by the Commission in the second volume. This second volume and other written evidence taken by the Commission and its panels is available at the above address.

First Report 1