The Treasury select committee has backed the Chancellor’s appointment of former Investment Management Association chairman Robert Jenkins as an external member of the interim Financial Policy Committee.
The Chancellor made the appointment in July and the select committee approved the decision after a hearing with Jenkins last week.
The interim FPC has been established to prepare the ground ahead of the creation of the FPC as the body responsible for stability of the financial system.
Jenkins is one of four external members of the committee who will sit alongside six members from the Bank of England, as well as Financial Conduct Authority chief executive Martin Wheatley and a non-voting Treasury representative.
Jenkins was IMA chairman from May 2007 to December 2009. He previously worked at F&C Asset Management where he was chief executive and then chairman.
The select committee says: “We are satisfied Mr Jenkins has the professional competence, commitment and personal independence to be an external member of the interim FPC.”
Axxis Financial Planning director Owen Wintersgill says: “The FPC make-up is heavily skewed toward banks. Consumers or advisers are not represented there, which is a shame. Today’s financial products are so complex and inter-related that a good understanding of the industry is essential.”