UNQUOTE

BVCA welcomes government banking inquiry

  • Amy King
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т€œBanking should always aspire to be the ally of business and not perceived to be its enemy,т€ said Mark Florman, the chief executive of the British Private Equity and Venture Capital Association as he welcomed the governmentт€™s inquiry into the culture of the banking industry.

The parliamentary inquiry was announced by David Cameron in the wake of the Libor rate-rigging scandal and will involve a joint committee of MPs and peers.

"Whether it be the manipulation of Libor, mis-selling of interest-swaps to small businesses or the sense that individual customers feel that competition between the major banks is not what it should be, there is now a crisis surrounding the culture of British banking that only a deep but swift independent inquiry can address," said Florman in a statement.

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