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McFall wants FSA and BoE managerial fusion

Treasury select committee chairman John McFall says he would like to see “a fusion at managerial level” between the FSA and the Bank of England.

In an interview with Money Marketing, McFall says he does not just want “token representation” via the financial stability board but wants a management team that sits across both institutions.

He says: “Something along those lines to fuse the organisations, where there is a bridge, would be ideal. I am not just talking about a bridge by token representation of the chief executive of the FSA in the Bank of England on the financial stability board or having a deputy governor of the Bank of England in the FSA. I am talking about managerial and work integration.”

McFall also says the Treasury select committee will be focusing on the retail distribution review in the run-up to the election next year and will be calling on the FSA to give evidence.

He says: “We are looking at the RDR and the mortgage market review. I would like to think in the run-up to the general election that we could focus on the retail side now, the consumer, because I still think there is an asymmetry of information bet-ween the seller and the buyer.”

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  1. How about asking those at the ‘coal face’ for evidence? The advice sector saw most of the problems coming, from Equitable to Northern Rock it was patanetly obvious that the business models simply did not stack up. Nobody listens, on their heads be it, or on ours in actual fact!

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