Demand a Public Inquiry into the Banking System

Sign the Petition -
Demand a Public Inquiry into the UK
Banking System

The Libor scandal has once again highlighted the need for a comprehensive inquiry into our banking system. Support our call for a judicial inquiry by entering your details in the right hand column and we'll help make it happen together.

Full Petition Text:

The only way to regain public and international confidence in the UK banking system is a fully independent judicial inquiry. Nothing less will allay the unease, anger and uncertainty around banking.

Banks clearly cannot carry out an inquiry into their own conduct, but neither can parliament, which presides over the regulatory system, be seen as truly independent.

The banking system must serve the public interest as well as being run on sound commercial lines. Banks that operate in the UK must do so ethically, serving the interests of savers, businesses and the economy as well as shareholders.

Banks have been recipients of state support on an unprecedented scale. Taxpayers have a right to demand accountability from them.

The terms of reference must be broad,at a minimum the following themes must be addressed:

1. We must establish common ground on what the banking system is for, reflecting its special status at the heart of the economic system.

2. We must examine the design of banking and monetary institutions, in particular to identify how the structure of the system creates conflicts of interest and how these conflicts can be driven out.

3. We need to understand how and on what grounds the setting of a key international interest rate came to be supervised by the British Bankers' Association, which represents the interest of banks, rather than by regulatory authorities in the public interest.

We cannot let good banking be driven out by the bad. A public inquiry is as important to the future of the banking industry itself as to the economy and country as a whole.

If you are an organisation that would like to support this campaign please email joe@compassonline.org.uk
 

Individuals supporting the campaign:

The Rev'd Giles Fraser
Howard Reed, Landman Economics
Graham Room, University of Bath
Dr Henning Mayer, LSE
Prof Victoria Chick, LSE
Prof George Irvin, University of London, SOAS
Dr Stuart White, Oxford University
Stephen Clarke, Civitas
Polly Toynbee, Guardian
Pat Devine, University of Manchester
Halina Ward, FDSD
Dr Martin O'Neill, University of York
Hugo Radice, University of Leeds
Baroness Ruth Lister of Burtersett
Sarah Bracking, University of Manchester
Adam Leaver, Manchester Business School
Dr Kalim Siddiqui, University of Huddersfield
AG Hallsworth, Competition Advocacy Forum
Adrian Costain, Competition Advocacy Forum
David Greene, Edwin Coe LLP

 

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