“The UK risks failing to mend banking’s broken ethical standards and structure, according to a review of the government’s reform plans by an influential cross-party commission.

Andrew Tyrie, the Conservative MP who chairs the Parliamentary Commission on Banking Standards, said the Libor rate-rigging scandal – which this week saw the Swiss bank UBS pay $1.5bn in fines to regulators in the US, UK and Switzerland – was just the latest proof that the banking culture needed to be reined in.”

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