Lords launch inquiry into banking regulation

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Lords launch inquiry into banking regulation

An official inquiry will be made into whether the banking industry is properly regulated and supervised, the House of Lords announced today.

The Lords economic committee will examine the effectiveness of the regulations governing banks and suggest improvements which could help avoid a repeat of the recent turmoil.

Issues to be addressed by the committee will include whether the regulatory bodies - the Financial Services Authority, the Treasury and the Bank of England - should have foreseen the current financial crisis.

Lord Vallance, chairman of the House of Lords economic affairs committee, said: "We need to examine how banks are supervised and regulated with the aim of preventing a repeat of the recent financial and banking turmoil."

Recently the government announced proposals to make the banking code of conduct legally binding, which would give regulators the ability to impose potentially unlimited fines on banks which are found to be acting "unfairly".

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