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Four picked for external role

The Government and the Bank of England have named the four external members of the interim Financial Policy Committee.

The FPC will be responsible for ensuring stability of the financial system under the new regulatory structure. It will be part of the Bank of England and will oversee the Prudential Regulation Authority.

The interim FPC has been set up to prepare for the permanent establishment of the committee ahead of legislation.

The external members of the interim FPC are: former Federal Reserve vice-chairman Donald Kohn; former Deutsche Bank head of investment banking Michael Cohrs; former Confederation for British Industry director general Sir Richard Lambert and Treasury senior adviser Alastair Clark.

Chancellor George Osborne says: “The skills, expertise and experience they bring are invaluable and I am confident we have the right people to do the job.”
Other members of the interim FPC include Bank of England governor Mervyn King, BoE deputy governors Paul Tucker and Charlie Bean, FSA chief executive Hector Sants and FSA chairman Lord Adair Turner.

Chief executive designate of the Financial Conduct Authority Martin Wheatley will also be a non-voting member.

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