Watchdog defends itself in row over role in Co-op Bank rescue

Tim Wallace
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THE CITY watchdog yesterday defended itself against a bondholder campaigner, who accused the Financial Conduct Authority (FCA) of misrepresenting its actions in the Co-op Bank rescue.

The FCA’s Clive Adamson told MPs this week “the retail bondholders, in my view, got as best a deal as we could get for them.”

Campaign leader Mark Taber said yesterday it was his negotiating that got the deal, not the FCA’s.

“Mr Adamson’s answers misrepresent the FCA’s involvement in the restructuring and are even incorrect as to the deal I ultimately negotiated for retail investors without any support or involvement from the FCA whatsoever,” he wrote to FCA boss Martin Wheatley.

But the FCA yesterday hit back, arguing they never had any role in active negotiation.

“We strongly refute any suggestion Clive Adamson misrepresented the FCA’s role,” said a spokesman. “The FCA’s role has always been to ensure bondholders are treated fairly.”