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posted by Fnord666 on Monday July 03 2017, @07:36PM   Printer-friendly
from the treats-for-the-watchdog dept.

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


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  • (Score: 0) by Anonymous Coward on Monday July 03 2017, @09:09PM (3 children)

    by Anonymous Coward on Monday July 03 2017, @09:09PM (#534582)

    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

    by khallow (3766) Subscriber Badge on Tuesday July 04 2017, @03:36AM (#534671) Journal

    When they stripped the last of them away in the 90s

    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)

    by PiMuNu (3823) on Tuesday July 04 2017, @11:37AM (#534766)

    > 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

      by Anonymous Coward on Friday July 07 2017, @03:57PM (#536151)

      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]