View more on these topics

Darling reveals King row hit crisis response

Former Chancellor Alistair Darling has attacked the Bank of England’s understanding of the banking crisis and is calling for an overhaul of its governance structure.

The bank is to be given responsibility for regulating banks, as well as powers to take action against risks to the stability of the financial system.

The new Prudential Regulation Authority and the Financial Policy Committee will both sit within the bank.

Speaking on The Andrew Marr Show last week, Darling said the governor will hold too much power under the new regulatory structure. He said: “This is an awful lot to invest in one person. The bank’s governance needs to change. It needs to be constructed so the governor has to be first among equals.”

Darling said the bank did not have “anywhere near an adequate understanding” of what was going on in the banking system during the crisis. He said disagreements he had with bank governor Mervyn King during the crisis undermined efforts to deal with the situation.

Darling wanted to inject money into the system to stop it freezing but King was focused on the solvency of banks. Darling said: “The two are related but, through the autumn of 2007, we did not deal with the crisis as effectively as we could because of this disagreement.”

In his book Back from the Brink, published this week, Darling claims he sought legal advice on forcing the bank to act. He was told it could be possible, but backed off for fear of a “disastrous” public row with King.


Gilmour quits Sesame after less than year

Sesame Bankhall Group business development director Keith Gilmour has left the company less than a year after joining. Gilmour moved to Sesame Bankhall from Positive Solutions in November, where he was marketing director, as part of last year’s senior management restructure which saw George Higginson join from Intrinsic as chief operating officer. Gilmour was developing […]


Personal pension contributions drop 9% since 2007

Contributions to personal pension savings have fallen by 9 per cent since the financial crisis, according to the Office of National Statistics. The figures in the ONS’s Pension Trends report, published yesterday, show that total contributions into personal and stakeholder pensions fell from £20.9bn in the financial year 2007/2008 to £18.7bn in financial year 2009/10. […]


Nic Cicutti: A legacy of confusion

A few weeks ago, I reflected on the sometimes glacial speed with which the FSA appears to be dealing with some of the thornier aspects of its RDR reforms To be fair – and I have been known occasionally to be open-minded in some matters – a few of the delays in issues under discussion, […]

Unfinished business?

Pension specialist Fiona Tait gives an update on three big announcements from the 2016 Budget – Pensions Advice Allowance (PAA), the Lifetime ISA (LISA) and the pension dashboard. £500 Pensions Advice Allowance What’s new Under current rules it is possible to deduct an adviser charge from a defined contribution pension fund to pay for financial […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm