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Tyrie says BoE must reveal crisis minutes

Treasury select committee chairman Andrew Tyrie has called on the Bank of England to reconsider its request to release minutes from meetings relating to the financial crisis in 2007/08.

In March, the TSC asked members of the bank’s court at a committee session to provide a copy of an internal review into the bank’s handling of the run-up to the crisis as well as minutes from relevant court meetings.

The bank has provided a copy of a 2007 review, Tripartite Lessons From Northern Rock, but has refused to provide the minutes. It says revealing what was said in meetings would leave no space for private discussions.

Tyrie says that without the information, the committee cannot do its job. He says: “The committee is not able to properly carry out its function of holding the court of the bank to account without access to the relevant information.

“I have been disappointed at the responses we received from the court to our requests. This was the most serious financial crisis for decades and the bank’s decision-making affected the economic future of the country. The court’s response is a reflection of the problem which the committee’s inquiry into the accountability of the bank had been seeking to address.”

Facts and Figures managing director Simon Webster says: “The bank is supposed to be free of political interference but the recent history of regulation inspires such little confidence that I cannot say politicians should leave regulators alone.”


Pensions Regulator reveals details of Polestar collapse

The Pensions Regulator has revealed how the trustee of the Polestar Pension Scheme attempted to take “excessive investment risk” to secure members’ retirement benefits after the sponsoring employer went into administration. In April Polestar UK Print Limited, the company which was supporting the pension scheme, went into administration. The regulator estimates that the scheme, which […]


HMRC clarifies VAT stance for adviser charging

Advice where a customer agrees to take out an investment product following adviser recommendations will be exempt from VAT post-RDR under draft guidance published by HM Revenue & Customs. HMRC published the draft guidance today on when advice given after the RDR is liable for VAT. The guidance states that if a customer agrees to […]

Aifa and IFP want risk link

Aifa and the Institute of Financial Planning have called on the FSA to link regulatory fees to risk as the two bodies hit out at plans to base fees on firms’ income. Aifa director general Stephen Gay says: “Income-based fees can run the risk of decreasing efficiency and productivity in the profession, punishing firms that […]

Smart thinking

Head of marketing Greg Kingston talks to Rachael Adams about how the firm will build on its SmartSipp and meet consumer thirst for innovation


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