The terms for setting up the Inquiry makes clear it will report by the 18th December so it will be a quick Inquiry. It will also be able to question witnesses on oath and appoint a barrister to examine witnesses.
There is obviously some concern that probing MPs have been left off (John Mann is now calling it a whitewash and says he'll set up his own inquiry.)
John Mann, Andrea Leadsom and Teresa Pearce did have a good session last week yet miss out on a spot on the Inquiry. So there is an issue it could lack bite. But the appointment of a Robert Jay style QC could sharpen things up. Will Mr Jay be free from Leveson by then?
Labour MP says he will set up his own Banking Inquiry
Labour MP John Mann has angrily responded to his exclusion at the Banking Inquiry today. Mr Mann said that he would be "setting up his own inquiry" into this "dreadful mess".
Neither Labour MP John Mann nor Conservative MP Andrea Leadsom have been selected to sit on the Parliamentary Commission on Banking Standards, despite their forthright questioning of bankers as members of the Treasury Select Committee.