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Workload is manageable

The workload of the Bank of England governor under the new regulatory structure is manageable, Mervyn King has told MPs.

Under proposals in the draft Financial Services Bill, the governor will chair the monetary policy committee, the financial policy committee and the Prudential Regulation Authority. The post also has international responsibilities with the Basel committee and the European systemic risk board.

The Treasury select committee and the joint committee scrutinising the bill have questioned whether the workload will be too much for one person to cope with. Giving evidence to the joint committee last week, King said much of the day-to-day work is now done by deputy governors with relevant briefs, making the governor’s workload manageable.

He said: “The only responsibility which could conceivably be taken away is the PRA. The FPC and monetary policy committee are inextricably linked with the sort of issues central banks are bound up with. But if you want the bank to do it, it is manageable as long as it is understood that the governor would delegate many of the responsibilities he did before.”



Turner: Make FCA minutes public

FSA chairman Adair Turner and Treasury financial secretary Mark Hoban have signalled support for the publication of the board minutes of the new Financial Conduct Authority relating to decisions on substantial policy decisions. In a Treasury select committee hearing last week, Turner said he is “quite favourable” to making board meeting minutes around policies such […]

Bank of England governance must be strengthened, say MPs

Governance at the Bank of England is too weak and must be strengthened to reflect its new powers under the new regulatory regime, according to MPs on the Treasury select committee. In a report published today, called Accountability of the Bank of England, the committee argues the BoE’s governance needs updating to reflect the new […]

European Commission says EU recovery “has stopped”

European economic growth has “stalled” and the region is at real risk of suffering another recession, according to the latest official forecast. The European Commission says the recovery of the European Union economy “has stopped” and predicts GDP growth in 2012 will amount to just 0.6 per cent. It expects growth to increase to 1.5 […]

Barry Horner appointed to FPSB board

The Financial Planning Standards Board has appointed Paradigm Norton Financial Planning chief executive Barry Horner onto its board of directors. Horner is immediate past president of the Institute of Financial Planning and joins the 11-person board as of April 1, 2012 for a four year term. FPSB chairperson Corinna Dieters says: “Barry Horner’s experience operating […]


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