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Treasury to review financial crisis response

The Treasury has launched a review into its management of the financial crisis following recommendations made by the Public Accounts Committee and the National Audit Office.

The review, which started today, will examine the Treasury’s capability on financial services ahead of the financial crisis, the pace at which the Treasury built its capability when the crisis hit, and whether the capability and senior management arrangements put in place to handle the crisis and the aftermath have been adequate.

It will make recommendations on issues including employee retention and remuneration, risk management, and contingency planning.

The review is being led by former Ministry of Defence and Department for International Development director general Sharon White.

The final report will be presented to the Treasury’s executive management board “no later” than Easter 2012.

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