Treasury select committee member John Mann says chairman Andrew Tyrie should step down while he leads the Parliamentary Commission on Banking Standards.
Mann is not among five TSC members sitting on the Commission. He says fellow Labour MP and TSC deputy chair George Mudie should lead the committee if Tyrie temporarily steps aside.
Speaking to Money Marketing, he says: “While he is leading the Commission Mr Tyrie should stand down as Treasury committee chair. It is being mothballed when it should at the helm in looking at how our banks are run.”
Tyrie has said the Commission’s inquiry will be “ring-fenced” in scope, looking at the implications of the Libor rigging scandal for corporate governance of banks.
Mann says in the wake of the interest rate swap and payment protection insurance misselling and HSBC money laundering scandals the investigation needs to be wider.
TSC and Banking Commission member John Thurso, a LibDem MP, rejects Mann’s claim the committee is being “mothballed”, saying its work will be an “ally” of the Commission.
He adds: “Libor is a symptom of a much deeper problem of both culture and corporate governance and what banking should deliver for society. The remit of the Commission allows us to look into all of those and I fully expect us to do that.”