View more on these topics

MPs in amendment bid to publish BoE minutes

The Treasury select committee has tabled an amendment to the Financial Services Bill which would require the Bank of England’s court of directors to publish its minutes.

It comes after the TSC and the bank clashed over the committee’s request for it to release minutes from court meetings during the financial crisis. The bank said revealing the minutes would not allow space for private discussions in future but Tyrie said not releasing them was stopping the committee properly scrutinising the bank.

The amendment says: “After each meeting of the court, the bank shall publish minutes of the meeting before the end of the period of two weeks.”

The amendment would also require the bank’s court to retrospectively review the bank’s performance.

The TSC’s report on the bank’s accountability, published last November, said it will become a “super-regulator” after the regulatory shake-up and called for the court to be replaced with a modern supervisory board.

The bank rejected this, instead proposing an oversight committee to be set up under the court.

The TSC’s amendment says both the minutes and the court reviews could be temporarily withheld from publication if there are concerns over financial stability but they would have to be released as soon as the potential risks no longer apply.

The amendment is signed by all members of the committee except Conservative party deputy chairman Michael Fallon and Labour MP George Mudie. Fallon refused to comment and Mudie was unavailable.

Anand Associates managing director Bhupinder Anand says: “Any increase in accountability, especially for an institution as powerful as the bank will become, is always a good thing.”

Recommended

Ami: U-turn on advice would need new consultation

If the FSA were to do a U-turn on its proposals for non-advised sales it would have to consult the industry again, says the Association of Mortgage Intermediaries. The regulator issued what was meant to be its last Mortgage Market Review consultation paper in December 2011, in which it called for non-advised sales to be […]

Selectapension launches RDR-ready pension transfer tool

Pension transfer comparison specialist Selectapension has revamped its online calculators to allow advisers to accommodate RDR-style fees into their pension switching analysis. The firm says its new ‘remuneration’ function can accommodate whatever fee arrangement has been agreed between the IFA and the client when carrying out a pension transfer. It also allows advisers to run […]

Bond fund sales highest since 2005, Lipper reports

Bond fund sales in Europe hit their highest level since July 2005 in February, with data provider Lipper reporting £16.1bn in sales. Net fund sales of £23.6bn – excluding money market products – in February were the highest on record for 16 months. However, including money market funds, inflows dropped to £13.4bn from £25.6bn in […]

FTSE 100 slides on US jobs data

The FTSE 100 has fallen by almost 1.5 per cent on the back of below-par job figures in the US and mixed trade figures from China. At 16.21, the blue-chip index was down 1.46 per cent to stand at 5640.24. The U.S. Labor Department said on April 6 that employers added 120,000 jobs in March. […]

Trusts: Easier than you think?

Protection providers often extol the benefits of placing plans in trust. The advantages for clients are widely recognised and numerous – inheritance tax mitigation, avoiding probate delay, controlling claim proceeds, and so the long, familiar list continues. Yet, dismissed as unnecessary form-filling, or simply viewed as irrelevant in the context of a mortgage sale, less […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment