Paul Volcker, former chairman of the US Federal Reserve and architect of the Volcker Rule limiting proprietary trading at banks, today gave evidence to the UK Parliamentary Commission on Banking Standards in London. Financial News live-blogged the event.

The commission was established in the wake of a summer of banking scandals that engulfed the likes of Barclays, HSBC and Standard Chartered. Led by Treasury Select Committee chairman Andrew Tyrie, the group must deliver recommendations for legislative action by December 18.