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BoE governance needs boost

Governance at the Bank of England is too weak and must be strengthened to reflect its new powers under the regulatory regime, according to the Treasury select committee.

In a report published this week, the committee argues that the BoE’s governance needs updating. It says the Chancellor should be responsible and accountable in a financial crisis where public money is at risk and should be given temporary power to direct the bank.

It says the court of the BoE, which is responsible for managing the affairs of the Bank, should be transformed into a smaller, more expert supervisory board with its own staff.

It also says the court should have the power to conduct and publish retrospective reviews of BoE policies to improve accountability and recommends the BoE’s governor should be appointed for a single, non-renewable term of eight years.

TSC chairman Andrew Tyrie says: “The Bank of England will play an even more vital role in preventing future crises, yet aspects of its governance appear antiquated. The radical shake-up of financial regulation proposed by the Government provides the opportunity to do something about it.”

Churchouse Financial Planning director Keith Churchouse says: “All areas of financial services will be touched by additional requirements following the banking crisis to make sure the problems do not occur again.”


SYZ thinks small and nimble for Altin fund

SYZ Asset Management has increased the allocation to managed futures in its Altin fund of hedge funds by adding a small fund that it says is more nimble than bigger funds. Altin now has a 1.24 per cent holding in Blackwater Capital Management’s managed futures programme to bring further diversification to the portfolio. SYZ says […]

Berlusconi wins budget vote but loses majority

Silvio Berlusconi has won the budget vote but lost his majority in the Italian parliament, posing questions on his future as leader of Italy. According to reports, 309 votes were cast, with 308 in favour and one abstention. Italian opposition parties attended the vote to ensure it was legal, but did not participate in the […]

Competition should be objective to avoid more consolidation

Which? has called for the Prudential Regulation Authority to be given a primary competition objective to ensure it does not contribute to market consolidation. Giving evidence to the Treasury select committee last week, Which? principal policy adviser Dominic Lindley said the objective is important following the increase in market concentration in the wake of the […]


CII to launch specialist level four qualifications

The Chartered Insurance Institute is launching specialist level four qualifications next year, including certificates in paraplanning and discretionary investment management. The certificate in paraplanning will be available from January. Candidates will need to pass the R01 financial services, regulation and ethics unit, the R02 investment principles and risk unit, the R03 personal taxation unit and […]


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