King calls for overhaul of UK banking system

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The governor of the Bank of England today (June 29) said it was time to reform the "deceitful" UK banking industry.

Quashing calls for a detailed investigation into recent scandals emerging from British banks concerning Libor rate-setting and mis-selling, King said: "We don't need an inquiry to know what we need to do. Something went very wrong with the UK banking industry and we need to put it right."

The governor urged a thorough overhaul of the sector as he revealed the latest edition of the

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