THE GOVERNMENT risks missing a key chance to make the Bank of England fit for purpose unless it makes drastic changes to the financial services bill going through parliament, an influential backbench MP warned today.
The governing Court of the Bank of England must be brought up to date with best practice in corporate leadership, said Treasury Select Committee chairman Andrew Tyrie, and cannot go on with its “antiquated” system when the Bank is given extended regulatory powers.
“The Financial Services Bill is the most important overhaul of financial regulation ever undertaken in this country. It is crucial that we get it right. This bill will transform the regulation of Britain’s leading global industry,” said Tyrie.
The chairman also hit out at the government’s whole approach to the regulatory reform, arguing the bill has been rushed, and has been amended so many times that it is now unnecessarily complicated.
“No explanation has been given for the rush to produce the bill. Better to take a little more time, and get it right,” he said.