Banking scandal: Andrew Tyrie unveils cross-party probe

The MPs that will investigate the behaviour of Britain's banks have been unveiled.

The inquiry's members will include Labour's Andy Love and Pat McFadden, Conservative MP Mark Garnier and John Thurso from the Lib Dems.

The inquiry was set up following revelations that Barclays the key Libor inter-bank borrowing rate.

But the committee's membership has been called a "joke" by Labour MP John Mann, who has not been asked to take part.

Writing on Twitter, Mr Mann said he and fellow Treasury committee member Andrea Leadsom were "both available but too outspoken on banking".

Ms Leadsom, a Conservative MP who has spent most of her career in the banking industry, recently called for George Osborne to apologise for suggesting shadow chancellor Ed Balls was involved in fiddling interbank lending rates.

Mr Mann also accused the Tory chair of the new inquiry, Andrew Tyrie, of pre-judging the Libor rigging scandal that prompted the new inquiry: "Tyrie had already reached his conclusions before he whitewashed Libor scandal".

He said he would set up his own inquiry into the banking scandal.

The formal name of the inquiry, which is expected to report before the end of the year, will be the Parliamentary Commission on Banking Standards.

It will investigate the professional standards and culture of the UK banking sector, taking account of the regulatory and competitive investigations into the Libor rate fixing scandal.

BBC political correspondent Norman Smith said the Commission is expected to hold sessions through the summer in order to meet its December deadline, although these may not be public hearings.

He said it would be able to appoint a leading barrister, like Robert Jay QC who is currently cross examining witnesses to the Leveson inquiry into media standards, to assist the Commission in its questioning.

The peers on the committee have yet to be announced, but there are expected to be five members drawn from the House of Lords.

The membership of the committee, our correspondent said, had been kept deliberately small to ensure it remains focused.

The establishment of the committee is subject to a vote in both Houses of Parliament at the beginning of next week.