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TSC backs ex-IMA chair Robert Jenkins for FPC

The Treasury select committee has backed the Treasury’s appointment of Robert Jenkins as an external member of the interim Financial Policy Committee.

The interim FPC has been established to prepare the ground, in advance of legislation, for the creation of the FPC as the body responsible for stability of the financial system.

The Chancellor made the appointment in July and the TSC’s decision comes after a hearing with Jenkins yesterday. He is one of four external members of the committee who will sit alongside six members from the Bank as well as the Financial Conduct Authority chief executive Martin Wheatley and a non-voting Treasury representative.

Jenkins was chairman of the Investment Management Association from May 2007 to December 2009. From 1997 to 2009 he worked at F&C Asset management where he was chief executive and then chairman. Until his appointment to the committee he was chief executive and managing partner of Combinatorics Capital.

In a statement, the TSC says: “We are satisfied Mr Jenkins has the professional competence, commitment and personal independence to be an external member of the interim FPC. We wish him every success in the role.”

The TSC cannot block the appointment but it has raised serious concerns about previous appointments. In June it questioned the independence of another Treasury appointment to the committee, Alistair Clark who worked at the Bank of England and the Treasury for 40 years. Committee member and deputy chairman of the Conservative Party Michael Fallon said Clarke was the “ultimate insider”. Chancellor George Osborne rejected calls from the committee to appoint a fifth external member as a result of its concerns.

Jenkins fills the gap left when Sir Richard Lambert turned down the position.

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