Osborne drafts Lambert for market probe

Michael Bow
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THE FORMER boss of the CBI and the current chief executive of Allianz Global Investors are set to be appointed to review a government-led inquiry into financial markets.

Sir Richard Lambert, who ran Britain’s biggest employers’ group until 2011, will be an independent member of the Fair and Effective Markets Review, according to Sky News, while Allianz boss Elizabeth Corley will chair the group.

Other independent members, who will examine the panel’s work, will reportedly be Gay Huey Evans, a former Barclays executive and one-time chairman of the International Swaps and Derivatives Association; and Jonathan Moulds, who previously ran the European operations of Bank of America Merrill Lynch.

The Bank of England is expected to announce their involvement in the next few days, according to a person close to the situation.

The review, which follows a string of banking scandals such as those involving Libor and currency trading, will also be jointly led by the Financial Conduct Authority, whose chief executive, Martin Wheatley.

In his Mansion House speech in June, Osborne said the review would help improve banking standards and clamp down on City miscreants.

“I am going to deal with abuses, tackle the unacceptable behaviour of the few and ensure that markets are fair for the many who depend on them,” he said.