UK bank bosses face MPs in standards probe
February 1, 2013 5:42 AM EST
Britain's Parliamentary Commission on Banking Standards (PCBS) has this month switched its focus to standards and culture after spending most of the past three months assessing structural reform.
It is likely to grill executives on mis-selling, pay and what is being done to improve risk management and culture that have been shown to be flawed.
Lloyds CEO Antonio Horta-Osorio and Chairman Win Bischoff will appear together before the panel on Monday, followed by new Barclays CEO Antony Jenkins and Chairman David Walker on Tuesday. HSBC CEO Stuart Gulliver and Chairman Douglas Flint will appear on Wednesday.
All three banks have had problems in the past year.
A $450 million (£283.6 million) fine for Barclays in June for rigging Libor interest rates unearthed long-standing concerns at the regulator about its culture, and HSBC was fined a record $1.9 billion by U.S. authorities for weak anti-money laundering controls. Both banks have faced criticism they are too big and complex.
Lloyds has been slammed for too aggressively selling retail products, which has left it with a far bigger bill than rivals for compensating customers mis-sold insurance products.
All banks have been criticised for their PPI (payment protection insurance) sales policies - the industry may end up paying more than 20 billion pounds in compensation - and banks may have to pay out billions more after the UK regulator on Thursday found they had mis-sold complex interest-rate hedging products to small businesses.
Mark Carney, the future governor of the Bank, is also likely to face questions on his views on banking standards when he appears before UK politicians next Thursday.
(Reporting by Steve Slater; Editing by Helen Massy-Beresford)
Most Popular Slideshows
- In Photos, Typhoon Rammasun Blasts the Philippines
- Typhoon Rammasun Claims 18 Lives in China, Incurs $4.32B Losses (PHOTOS)
- Ellen DeGeneres Caught Cheating with Mutual Friend Before Portia de Rossi’s Rehab – Reports [PHOTOS]
- Malaysia Airlines MH17: Vital Black Boxes Finally Land in Hands of Malaysian Authorities, Rebels Announce Ceasefire (PHOTOS/VIDEOS)
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- Google Nexus 8 Release Date Soon Along with 2 More HTC Android Tablets – Reports
- Windows Phone 8.1 Update Rollout: 20 Nokia Lumia Phones Eligible and 13 New Features to be Added
- Moto 360 Price Speculations, Key Features, Strategic Release Date, Design: A Watch That is More Than Just Time
- Samsung Galaxy Note 4 Apps Leak Online, Five Fresh Features to Expect from the Android Smartphone
- Three New Moto G Successors Spotted in FCC Document Dubbed Moto G2, Moto M and More --Reports
- Apple Logo on iPhone 6 Might Double as Notification LED; Roughly 80M iPhone 6 Units Ordered Targeting Release Date—Reports
- Sony PlayStation 4 Outsells a Resurgent Xbox One in June