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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 Tuesday July 04 2017, @08:35AM (1 child)

    by Anonymous Coward on Tuesday July 04 2017, @08:35AM (#534733)

    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

    by n1 (993) on Tuesday July 04 2017, @10:30PM (#534958) Journal

    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'?