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MPs raise concerns over new panel’s independence
CONCERNS have been raised over the independence of the new body being set up to spot potential crises in the British economy by an influential committee of MPs.
The Treasury select committee said it was “not so clear” whether Alistair Clark, a former Bank of England employee, would be sufficiently independent to sit on the Financial Policy Committee (FPC) – the advisory panel being drawn up as part of sweeping regulatory reforms.
The committee, which will today grill Barclays boss Bob Diamond and the chiefs of three other large UK banks, wants an additional independent member to join the FPC as a result.
The development will be a fresh blow to the reforms, after former CBI chief Sir Richard Lambert had already turned down a role on the panel.