Gina Miller Calls for Review of Andrew Bailey as Governor of the Bank of England | bank of england

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Activists led by Gina Miller call on the Chancellor to launch an independent review of Andrew Bailey’s appointment as Governor of the Bank of England, saying the Financial Conduct Authority during his tenure as CEO was characterized by a ” toxic cocktail of neglect, incompetence and indifference “which left a series of financial scandals unchecked.

The group wrote to Chancellor Rishi Sunak and the head of the Treasury Select Committee, Tory MP Mel Stride, saying Bailey must answer questions about the scandals that wiped out the economies of small investors during his tenure as chief executive of the city. regulator.

Miller, best known for her court challenge to the government’s attempt to push through Brexit without parliamentary approval, said a report compiled by her True and Fair campaign was a “damning record” on Bailey’s track record and raised questions as to whether it was “an adjustment”. and suitable person ”to be the next Governor of the Bank.

Among the alleged failures was the failure to investigate allegations in Lloyds’ internal Turnbull report, in which a former employee claimed executives covered up fraud at the Reading HBOS branch, and a lack of sufficient regulation regarding peer-to-peer platforms like Lendy which collapsed last year. Miller’s report also highlighted the collapse of London Capital & Finance and the liquidation of the once popular Neil Woodford flagship investment fund.

The government launched an official investigation into the role of the city regulator in the LC&F scandal in May 2019. This investigation is still ongoing.

Speaking at the report’s launch, Asleep at the Wheel, Miller said that while Bailey was in the driver’s seat, “the FCA has been characterized by a toxic cocktail of neglect, incompetence and indifference to the needs of depositors. , investors and ordinary retirees. Under his watch tens of thousands of Britons lost money – in many cases they lost their savings, devastating their lives, families and businesses. “

Miller said the campaign group – which she leads alongside her husband and city stockist Alan Miller – will launch an online petition that will force Parliament to consider a debate on Bailey’s nomination if he raises more 100,000 signatures.

Bailey was appointed the next Governor of the Bank of England by former Chancellor Sajid Javid at the end of December. He will succeed Mark Carney on March 16.

Shadow Chancellor John McDonnell backed Miller’s report, saying Labor was correct in calling for Bailey’s appointment to be postponed. “This report reinforces that we were correct in calling the last chancellor on several occasions to postpone the installation of Andrew Bailey as governor until there was an independent review of his role at the FCA “, did he declare.

Miller said: “Was he [Bailey] to be confirmed in this highly responsible and eminent role would be a gross betrayal of the government’s duty to protect consumers and a classic example of rewarding failure. But it also raises questions about the culture of the FCA under Mr. Bailey. “

An FCA spokeswoman said the regulator rejected Miller’s claims, saying they contained a number of inaccuracies and were made “with little understanding of the role of the FCA.”

“We disagree with the Millers on many issues relating to the investment industry and our oversight of it over the past several years, and we note their previous calls for Andrew to step down. It’s just another example. “

The spokesperson added that FCA’s interventions have benefited millions of people, including the most vulnerable consumers, through price caps on payday loans, option-to-buy leasing programs and overdraft fees. “We hold companies to account and when we see failures we take action, with the FCA fining companies nearly £ 5bn since 2013 and tens of billions of pounds returned to customers by through recourse mechanisms. “

The Treasury defended Bailey’s appointment, saying, “The country needs experienced and credible leadership in the role of governor and Andrew Bailey will take it on. With nearly 40 years of experience in the UK’s monetary and financial policy, its track record speaks for itself.

The Guardian has contacted the Bank of England for comment.

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