Ed Miliband calls for inquiry into banking culture Calling for a systemic look at the customs and practices of the industry, he added: "We've got to have an open, independent inquiry with hearings to find out what is going on in the dark corners of the banks. Some of it clearly was illegal, but it goes well beyond that. There is a problem with how people operate. This isn't just about regulation, it's also about culture and ethics. Mr Miliband said the inquiry - set up with cross-party support - would be asked to draw up a bankers' code of conduct going beyond the "narrow" professional standards enforced by the Financial Services Authority (FSA). Calling for the worst offenders to receive prison sentences, he added: "It should be about probity, honesty, integrity. Bankers should be struck off if they do the wrong thing...this is not a victimless crime. Sir Mervyn said he believed a Leveson-style inquiry was not needed, but slammed conduct in the industry. He said: "From excessive levels of compensation, to shoddy treatment of customers, to a deceitful manipulation of one of the most important interest rates and now news of yet another mis-selling scandal we can see we need a real change in the culture of the industry."