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Banking inquiry set to grill George Osborne, Mervyn King and Adair Turner

George Osborne 480

The Parliamentary Commission on Banking Standards is set for its most significant haul of evidence next week as it grills chancellor George Osborne, Bank of England governor Sir Mervyn King and FSA chairman Lord Adair Turner.

Osborne will face the panel, including chair Andrew Tyrie and new Archbishop of Canterbury Justin Welby, alongside Treasury financial secretary Greg Clark on Wednesday.

Clark has yet to appear before the Treasury select committee after a session on the Money Advice Service was cancelled in September because he had only been in his role for one day. It has not yet been re-scheduled.

Turner will appear alongside FSA head of prudential business unit Andrew Bailey in the Wilson room at Portcullis House.

While Sir Mervyn is answering questions on Thursday with the red hot favourite to succeed him, deputy governor Paul Tucker, and financial stability executive director Andy Haldane.

The commission will also take evidence in sub-committees on the collapse of HBOS and corporate governance below board level.

The inquiry is set to make an interim report on 18 December as part of its pre-legislative scrutiny work on the banking reform bill. It was set up by Osborne to examine the culture of British banking and feed any recommendations into the Government’s reforms.

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  1. We can predict with no great difficulty what Adair Turner will say. Yeah, the FSA failed, it screwed up, it was concentrating on other things which we now realise were of far lesser importance, the people who should have listened to and acted on all the warnings that people outside tried to bring to their attention didn’t. But hey, shit happens. And that will be that.

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