DAVID Cameron's announcement yesterday of a parliamentary review of the banking sector, rather than the fully-fledged public inquiry being demanded by the Opposition, suggests that he has learned the lesson of Leveson.

Many may have relished the prospect of Barclays chief executive Bob Diamond being lightly grilled under the forensic questioning of an inquisitor such as Robert Jay QC, the star of the Leveson Inquiry. However, the Prime Minister is wise to opt for a more limited process focused on conflicts of interest, transparency, culture and professional standards in the UK banking industry. It will be less vulnerable to "mission creep" and more likely to inform the forthcoming Financial Services Bill and Banking Reform Bill.

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