Andrea Orcel, chief executive of UBS’s investment bank, told a parliamentary committee that the Swiss bank had made good progress in changing culture in the wake of the Libor-rigging scandal, but admitted that the process was not like “flicking a switch".

Orcel today appeared with UBS group chief risk officer Philip Lofts and compliance head Andrew Williams before the Parliamentary Commission on Banking Standards. The commission, chaired by Andrew Tyrie MP, has been looking into the Libor scandal as part of its inquiry into standards and culture in the banking industry.