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Leadsom says Margaret Cole should have been FCA chief

Treasury select committee member Andrea Leadsom believes FSA director Margaret Cole should have been appointed Financial Conduct Authority chief executive to help remedy the lack of women in top UK financial roles.

At a committee hearing with the FSA last week, Leadsom attacked the fact there are no women at the helm of the FSA, the FCA, the Bank of England or the UK’s four biggest banks.

Speaking to Money Marketing, she said FSA conduct of business unit interim managing director Cole should have been made chief executive at the FCA over Martin Wheatley to redress the imbalance.

She says: “There is no one at the top of the new or the old regulators or the biggest banks and this is a serious point.

“In committee, Margaret was a lot more assertive and opinionated that Martin. The others deferred to her on detail and she knew her stuff. I understand she went for the job, so she gets my vote.”

The FSA’s board has five women and 10 men.

No women sit on the monetary policy committee or the interim financial policy committee within the bank and one woman sits on its court.

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Comments

There are 7 comments at the moment, we would love to hear your opinion too.

  1. When, oh when, will the “powers that be” realise that all appointments should be made on the basis of ability to do the job, and not (politically “in-correct”) gender considerations !

  2. The fact that she went for the job and did not get it tells you all you need to know. This is someone who would rather publish the name of a firm they intend to ‘investigate’ rather than deal with clear evidence of criminality. She knew her stuff? I do not think so.

  3. Totally agree with David Oswald above.

    Andrea Leadsom’s comment says it all…” ..to help remedy the lack of women in top UK financial roles.” is the most pathetic view ( not reason ) to take when considering someone for a senior position.

  4. I thought equal opportunities meant the best person for the job, irrespective of gender, race, age, disability etc. So just because Margaret is female is not a reason to appoint her. However, if in the future she applies for a position and is the best candidate, good luck to her and I hope she gets it. There is too much positive descrimination going on at present.

  5. I would like to see something done about the chronic underrepresentation of quadrapeds on these committees and would like to nominate ‘Muffin The Mule’. Muffin would be a most suitable FCA nomination being a fully fledged marrionette with controllable strings.

  6. Dear Mr Newman 11:20 am

    I resemble that accusation.

  7. After her performance at the TSC she deserves to get her backside kicked.

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