JOINT

Parliamentary Commission on Banking Standards questions Martin Wheatley

25 October 2012

The Parliamentary Commission on Banking Standards holds its fifth public session on Thursday 25 October with Martin Wheatley giving evidence.

Witness

10.15am in the Grimond Room, Portcullis House
  • Martin Wheatley, Managing Director, Consumer and Markets Business Unit, Financial Services Authority and author of “The Wheatley Review of LIBOR”

Martin Wheatley joined the FSA on 1 September 2011 as the Managing Director of the Conduct Business Unit and is CEO designate of the Financial Conduct Authority (FCA). In July 2012, the Chancellor of the Exchequer commissioned Martin Wheatley to undertake a review of the structure and governance of LIBOR and the corresponding criminal sanctions regime.

The Wheatley review into LIBOR, published on 28 September 2012, sets out a ten-point plan for comprehensive reform of the LIBOR and provided insights into failures in professional standards surrounding the rate setting process. The Government recently announced its intention to adopt his recommendations. The Parliamentary Commission on Banking Standards will be interested to hear from Mr Wheatley about his findings and implications for improving standards in the Banking sector more widely.

The Commission will also be interested to hear from Mr Wheatley, in his capacity as CEO designate, on his planned approach to advancing the FCA’s regulatory objectives, as outlined in the “Journey to the FCA” document published on 16 October 2012.

Image: PA

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