Factbox - Britain's bank sector probes
LONDON (Reuters) - Britain is to launch probes into the bank sector after an interest rate-fixing scandal rocked London's financial services industry.
British bank Barclays was fined $453 million for its role in fixing Libor, a series of interest rates used to price many financial products. Other banks are also thought to have been involved.
Here are more details about the investigations:
* The government will launch a parliamentary inquiry comprised of representatives from both upper and lower houses with the power to interview witnesses under oath and examine "necessary papers".
* The Treasury and the Bank of England will assist.
* The inquiry aims to report by Christmas, and will consider issues including transparency, conflicts of interest and culture and professional standards of the financial services industry.
* The inquiry will also look at the adequacy of existing criminal and civil sanctions.
WHEATLEY REVIEW INTO LIBOR
* This review will look at reforming the framework for setting and governing Libor. The review will report by the end of the summer.
* The review will look at the adequacy of sanctions to tackle abuse in setting Libor, as well as the framework in which the rate is set and governed.
* Changes recommended by the review will be considered for inclusion in upcoming legislation regulating the financial industry.
* The review will also consider other price-setting mechanisms in financial markets.
SERIOUS FRAUD OFFICE
* The SFO is considering whether charges can be brought against those involved in the rate-fixing scandal. A conclusion is expected by the end of the month.
* If there are insufficient powers to prosecute, the government will consider changes to the law so similar behaviour can be prosecuted in future.
BANK CHIEF SANCTIONS AND FINES
* The government will publish a consultation seeking opinions on punishments for the directors of failed banks, including the possibility of criminal sanctions.
* The government will amend the Financial Services Bill in the autumn to ensure fines paid by the financial services industry benefit taxpayers, rather than other banks.
(Reporting by Mohammed Abbas; Editing by Dan Lalor)
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