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Osborne transparency plea over new BoE head

Chancellor George Osborne says the selection of the next Bank of England governor will be carried out openly and transparently.

The Financial Times reports that the Chancellor has committed to transparency ahead of the parliament debate on the future of the central bank after a warning from shadow chancellor Ed Balls that a larger bank with more powers would need a governor with “superhuman skills”.

Osborne has previously stopped short of saying whether or not he would follow the last Labour government in advertising for the role of governor.

But the FT reports Osborne has yet to satisfy demands from Treasury select committee chairman Andrew Tyrie to publish a job description and full clarity over the process of selection.

Osborne told a conference in Washington: “There will be a proper process for appointing the next governor. But that has not begun, and will not until the autumn. When the time comes, the best person for the job will be appointed, whoever she or he may be.”


Two Keydata cases upheld but only one has to pay out

The Financial Ombudsman Service has provisionally upheld two complaints against IFAs who recommended clients to invest in Keydata products but has only awarded compensation in one case. Both cases centre on the suitability of the unnamed advisers’ recommendations to invest in Keydata SLS products in 2005. In the first case, the clients, referred to in […]

Pension fund FTT carve out ‘unlikely’, says MEP

MEPs are unlikely to back proposals for pension fund carve-outs from any financial transaction tax at a vote on Wednesday, according to Conservative MEP Kay Swinburne. In September the European Commission proposed an FTT which would see a 0.1 per cent charge on stock and bond trading and 0.01 per cent on derivatives contracts. Politicians […]

The death of retirement – a boost for protection?

According to our recent report on the death of retirement, changes in workplace pension provision mean that coming generations of retirees could have a radically different experience of retirement from their parents. The average contribution rate into an old-style final salary pension was around 20% of total wages, the statutory minimum for a new automatic […]


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