BARCLAYS yesterday promised to hold an independent audit of its business practices following its record-breaking £290m fine for abuse of the Libor interest rate.
Pledging that all findings will be made publicly available, Barclays said it will “undertake a root and branch review of all of the past practices that have been revealed as flawed since the credit crisis started”.
The review will be led by a third party and will report to senior independent director Sir Michael Rake – tipped to take over as chairman on a temporary basis – and will result in a new mandatory code of conduct that will be applied across the whole of the banking group.
The announcement was made alongside official confirmation that Marcus Agius has resigned as chairman after six years at the helm.
Yesterday Agius said he welcomed the inquiry: “This exercise will be part of a broader programme of activity intended to restore Barclays reputation and we will establish a zero tolerance policy for any actions that harm the reputation of the bank.”