Barclays rate fixing scandal: Parliament to launch inquiry The Chancellor is also setting up a review into the way Libor is determined. Martin Wheatley, chief executive designate of the Financial Conduct Authority, will oversee the review, which will report this summer and whose conclusions will feed into the Financial Services Bill. Mr Osborne added that fines to the banking sector would go to taxpayers, not other banks, and that the Government would consider whether bank executives could be held to account by law for the actions of rogue employees. Earlier, the Serious Fraud Office said it hoped to decide within four weeks whether it was appropriate and possible to bring criminal prosecutions in the wake of the scandal which claimed its first casualty with the resignation of Barclays chairman Marcus Agius today. The SFO has been talking to the Financial Services Authority about the attempts by banks to manipulate London Inter-Bank Offered Rate, the rate used by banks to lend to each other. Mr Osborne urged the SFO to use all legal options open to them. Earlier on Monday, Mr Agius stepped down from Barclays in the wake of fierce shareholder and political pressure over the bank's "misconduct." Barclays was fined a record £290m last week for attempting to manipulate the interbank lending rate, Libor, between 2005 and 2009.