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Tyrie says BoE plan fails to tackle issue of accountability

Treasury select committee chair Andrew Tyrie has slammed proposals to increase accountability within the Bank of England, saying they do not go far enough to address the committee’s concerns.

In its report into accountability at the Bank, published in November, the TSC said under the new regulatory structure the bank would become a “super-regulator”.

It called for its court, which currently acts as its board, to be radically reformed to improve its ability to hold the bank’s directors to account.

But, in a document released by the bank last week in response to the report, its governor Mervyn King and court chairman David Lees rejected the call, proposing instead that a sub-committee be set up under the court to run “periodic reviews” of the performance of the Financial Policy Committee.

The BoE’s submission suggests that because the Financial Policy Committee will be meeting at irregular intervals, particularly in times of crisis, and because its decisions will occasionally be based on internal and confidential information, it would be very difficult for an external body to carry out such reviews.

Tyrie says the TSC will publish a response to the bank’s proposal in time for the Chancellor to consider before he publishes the Financial Services Bill which will deliver the new set-up. It is likely to be critical of the bank’s proposal.

Tyrie says: “While supporting some of our recommendations, on several key points, the court of the bank falls short of what is needed.”


OFT to investigate Mortgage Brain’s acquisition of MortgageStream

The Office of Fair Trading is to look at the anticipated acquisition by Mortgage Brain of MortgageStream. In December, Mortgage Brain announced that it had agreed the terms to acquire point-of-sale and case management system provider MortgageStream. The OFT is considering whether arrangements are in progress or in contemplation which, if carried into effect, will […]


Capita set to shut office to integrate teams

Capita Financial Software is to close its Bishop’s Stortford office, with 13 staff left to decide whether to relocate. The firm recently moved its headquarters to new offices in Whiteley from nearby Fareham and hopes the remaining staff will make the move from Bishop’s Stortford to Hampshire. The firm says it is to invest £4m […]


Sanlam acquires two IFA client banks

Sanlam Private Wealth has acquired the client banks of two IFA firms. Llanelli-based Brian D Thomas Financial Planning Services and Kent-based George Ognibeni have 4,000 and 1,000 clients respectively and both have around £23m funds under influence. No principals or staff from either firm will join SPW, which takes its funds under influence over £550m […]

CII marks chartered centenary

The Chartered Insurance Institute is marking the 100th anniversary of it being granted the Royal Charter with a centenary golf challenge. The event will take place over seven regional heats with the final at Cameron House at Loch Lomond. Teams of four can play in the heats provided team members are chartered professionals such as […]

Graphic content – December; the countries most exposed to a rise in protectionism

President-elect Trump has suggested withdrawing from the North American Free Trade Agreement (NAFTA) and ending negotiations over the Trans-Pacific Partnership (TPP), albeit there is considerable uncertainty over what he will, or even can, do. If one of the main consequences of the election of Donald Trump is US protectionism, it’s worth considering who stands to […]


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