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Bank claim: Code introduced to stop banking scandals and crises

To stop future banking scandals such as Libor rigging, the Chartered Institute of Internal Auditors (CIIA) has unveiled a code of conduct to grant more power to internal auditors.

Under the code, internal auditors will report to the chairman of the bank they’re working for rather than the chief executive. They will have more power to freely assess risks within the banks.

It was drawn up based on guidance announced in June last year from the Basel Committee, who supervise the US Federal Reserve Bank and central banks in some of the largest economies in the world.

The Financial Services Authority and the Bank of England have given input towards the code, helping it accommodate corporate governance and to work around how complex Britain’s financial systems are.

Following investigations into banks’ involvement in the Libor scandal, regulators criticised banks for not having strong enough internal measures in place to stop such financial scandals from happening.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801538014-ADNFCR

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