WE AGREE wholeheartedly with the prime minister that there should be an inquiry into Britain’s banking industry.

But we differ with Mr Cameron when it comes to who should be running such an inquiry.

The scandals that have engulfed Britain’s banks in recent years are too great and decisions on how the industry should be regulated in the future too important to be left to MPs.

It strikes us as odd that Mr Cameron should be content for his fellow MPs to probe the failings of the banks while spending millions on a judicial inquiry into the failings of the media.

We do not for a second suggest the Leveson Inquiry should not be happening.

But surely the effect of the banking scandals on ordinary people is far greater.

So why is it being left to MPs to decide the future of the banks?

We have great respect for many MPs but public trust in them is still at an all-time low following the expenses scandal.

We would question whether the public will have any confidence in the findings of a parliamentary inquiry.

Much of what the banks have been able to get away with is due to, if we are being polite, light-touch regulation.

And the people behind that are our MPs.

So are they really the best people to be investigating the banks?