The City watchdog's former enforcement chief is joining the board of a new bank lobbying group that launches this week with the tough task of rebuilding trust in the industry.
Sky News has learnt that Tracey McDermott, who quit the Financial Conduct Authority last year after failing to land the top job, will be among about 20 inaugural directors of UK Finance (UKF).
Ms McDermott, who is now a senior executive at Standard Chartered, will lead UKF's work on fraud and financial crime detection and prevention.
[...] UKF is being chaired by Bob Wigley, a former member of the Court of the Bank of England, and run as CEO by ex-Santander UK and Barclays executive Stephen Jones.
It has been formed by merging six existing trade bodies, including the British Bankers' Association (BBA), Council of Mortgage Lenders and Financial Fraud Action UK.
[...] Significantly, they will include Joanna Elson OBE, chief executive of the Money Advice Trust, who will provide a voice at the UKF boardroom table for issues relating to consumer protection and financial inclusion.
Other prominent directors will include: Jayne-Anne Gadhia, the Virgin Money boss, who will lead on diversity; Peter Smith, founder and CEO of Blockchain; Ashok Vaswani, who runs Barclays UK; Ian Stuart, HSBC's UK chief executive; and Joe Garner, boss of Nationwide, who will oversee UKF's work on mutuals.
Source: Sky News
(Score: 2) by kaszz on Monday July 03 2017, @07:57PM (8 children)
Put public officials in quarantine for some years before they can join the commercial sector and they may not betray the public or face punishment. Separate banking and trading etc. When a bank fail, let the management fly but keep the savers safe.
(Score: 2) by c0lo on Monday July 03 2017, @08:26PM (7 children)
1. fail with the saver deposits untouched, eh? How did it fail, then?
2. who is going to guarantee the safety of the savers deposits?
https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
(Score: 2) by kaszz on Monday July 03 2017, @08:48PM (4 children)
Banks usually fails because they have assholes in the board room that enables reckless trading and expenses. It rarely seems it's savers that do the bad thing.
(Score: 0) by Anonymous Coward on Monday July 03 2017, @09:09PM (3 children)
It is not just the boardroom. I have seen things at a bank take 4 levels of managers to make an approval. That is for *simple* things. Trust me, the 'peons' are in on it too many times. The *ONLY* thing keeping them in check is the regulations. When they stripped the last of them away in the 90s (thank you clinton and gingrich) they went hog wild and caused the 1999, 2008 crashes. Surprised we have not had a good one since we are getting 'due'.
(Score: 1) by khallow on Tuesday July 04 2017, @03:36AM
Let us be clear. There remained plenty of regulations such as the ones requiring four levels of management in order to make simple decisions. The regulations that remained didn't serve to keep banks from making poor decisions.
(Score: 2, Disagree) by PiMuNu on Tuesday July 04 2017, @11:37AM (1 child)
> thank you clinton and gingrich
I believe Blair and Brown led the way
(Score: 1, Insightful) by Anonymous Coward on Friday July 07 2017, @03:57PM
While they didn't stop the financial parasites from feeding on the world, their governments didn't actually start it: https://en.wikipedia.org/wiki/Big_Bang_(financial_markets) [wikipedia.org]
(Score: 0) by Anonymous Coward on Tuesday July 04 2017, @08:35AM (1 child)
You've heard of insurance right? Deposit insurance is how it's normally done.
But since most Reserve Banks seem to think its fine and dandy to throw trillions at the failing banks anyway, just give a few scraps to the savers as well (or instead of ideally). Quite trivial really.
(Score: 2) by n1 on Tuesday July 04 2017, @10:30PM
It's unreasonable to expect board members of reserve banks to let their former and sometimes current employers go under... If they did, who would pay their speaking fees after they retire from 'public service'?