MPs urge change after Libor rate fixing scandal

MPs on the Treasury Select Committee have said urgent changes are needed to the way banks are run and regulated - to restore public confidence in the wake of the Libor rate-fixing scandal.

Earlier in the week it emerged that seven banks, including HSBC and Royal Bank of Scotland, are to be questioned in the US for alleged manipulation of the inter-bank lending rate.

The scandal first emerged in June when UK and US authorities fined Barclays £290m.

Ben Thompson reports.