Five MPs have been chosen to head up a cross-party probe into the banking following the Libor scandal.

Andrew Tyrie – chair (Con)

Andy Love (Lab)

Pat McFadden (Lab)

Mark Garnier (Con)

John Thurso (Lib Dem)

 

Andrew Tyrie (chair, Conservative)

Despite earning the nickname of “Andrew Tiresome”, the chair of the Treasury committee was widely tipped to oversee an inquiry into banking standards.

The former economist served as an adviser to Nigel Lawson and John Major when they were both chancellors and served in Michael Howard’s shadow cabinet.

He was also a member of the reform of the House of Commons committee that was set up after the MPs' expenses scandal.

What has he said on banking?

“This is the most damaging scam I can recall... Parliament and the public need to know what went wrong and whether the perpetrators have been rooted out. We also need to be given confidence that this has been put right.”

Published in Parliament.uk, 05/07/12, "Treasury Committee questions Bob Diamond"

 

Andy Love (Labour)

Love served as a ministerial aide under Jacqui Smith and John Healey. He has been a member of the Treasury committee since 2005.

Before his 1997 election as MP for Edmonton, Love was a councillor in Haringey where he was chairman of the finance committee.

What has he said on banking?

 “People want and expect tough action and penalties for those involved.  And they're right to.  I want that too.  But David Cameron and George Osborne don't seem to get it. 

"They're trying to sweep the whole affair under the carpet with a narrow inquiry run by politicians rather than a full independent judge-led inquiry.  That does nothing to emphasise the gravity of the situation and the scale of the public's anger. 

“The Tories can't deliver the change we need in the banking industry because they are too close to a powerful few and out of touch with everyone else.”

Published in andylovemp.blogspot.co.uk, 06/07/12, “Diamond Geezer”

 

Pat McFadden (Labour)

The former business secretary has been a member of the Treasury select committee since 2011. He also worked as a researcher for Donald Dewar, a speechwriter for John Smith and an adviser to Tony Blair.

What has he said on banking?

“There is a need for a Clause IV moment from banks... A Clause IV moment is not a PR exercise that says ‘we’ve changed’. 

"For it to work it has to be a genuine change of heart that says ‘we understand what it is about our past behaviour you do not like and we will have a top to bottom change in culture and behaviour that shows change as well as claims it.’.”

Published in Progress Online, 28/06/12, “Banks need a Clause IV moment”

 

Mark Garnier (Conservative)

Garnier boasts an impressive finance background, having worked as a junior clerk on the Stock Exchange and spent 13 years in investment banking.

He left investment banking in 1999 and set up his own businesses in investment management. He has recently worked as a business consultant.

The MP for Wyre Forest has been on the Treasury committee since 2010.

What has he said on banking?

Garnier has called for a "truth and reconciliation" commission on banking.

“I think people will demand a much, much deeper inquiry into what is going on. I think it’s incumbent on the Treasury select committee to start this process but I do think we may be heading to something like Leveson.”

Published in the Telegraph, 28/06/12, "David Cameron under pressure to order Leveson-style inquiry into bank scandal"

 

John Thurso (Lib Dem)

The first former hereditary peer to become an MP, Thurso sits on the Treasury select committee and chairs the finance and services committee.

He also served as Lib Dem business, enterprise and regulatory reform spokesman.

Thurso opted for a more gentle approach in Marcus Agius’ evidence citing him as “a man of honour”.

What has he said on banking?

"[The financial markets are] a sewer of systemically amoral dishonesty".

“It is symptomatic of a culture of deceit and it's right at the core of big banks nowadays and we have to get back to something that's more prudential and akin to something that people want on the high street."

Published in STV, 03/07/12, "Banking crisis: What can be done to clean up the industry?"

Tags: Banking inquiry, Barclays, Libor