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McFall slams “discourteous” and “scandalous” UKFI bosses

Treasury select committee chairman John McFall has slammed the bosses of the UK Financial Investments Limited as “discourteous” and “scandalous” after they failed to provide the committee with information on the publicly-owned banks’ executive pay and bonuses.

Speaking at a committee meeting this morning, Labour MP McFall asked UKFI chairman Glenn Moreno and chief executive John Kingman, who are charged with managing the Government’s stakes in the banking sector, to provide details of the executives of Royal Bank of Scotland, Lloyds Banking group, Northern Rock and Bradford & Bingley who were paid more than £100,000 in 2008.

He also requested details of bonuses paid to staff of these banks over £100,000 and £1m.

McFall said that the UKFI executives had been contacted by the committee on Friday to ask them to provide this information for the committee.

But neither Moreno or Kingman were able to provide these details.

McFall said: “Are you going to be a serious body here?

“You are standing behind hundreds of billions of pounds of taxpayers’ money, you get a simple request on Friday and you don’t even seem apologetic. Give us a break.”

He added: “Why didn’t you come back to the committee before today and say ‘we can’t give you that information’. I think it is highly discourteous of you.”

Kingman admitted that he had not even contacted the relevant banks after being asked for the information by the committee.

McFall said: “I think that is scandalous, quite honestly, and I think it is a bad start for UKFI.”

He asked if there was any point even continuing with the evidence session.

Kingman said he had misunderstood what information the committee clerk had asked him to provide.


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