Gina Miller of True and Fair has responded to the decision of the House of Commons Treasury Select Committee to question Andrew Bailey on 4 March 2020 about his suitability for the role of Governor of the Bank of England.
Miller says: “We are very pleased to see that the Treasury Select Committee is moving with great speed and determination to scrutinise the past poor performance of Mr Bailey in order to assess his suitability to be the next Governor of the Bank of England. The hundreds of thousands of Britain’s depositors, savers, investors and pensioners whose lives have been ruined and savings squandered, on Mr Bailey’s watch as CEO of the Financial Conduct Authority, deserve no less.
“If the Committee agrees the evidence against Mr Bailey is irrefutable, then they have no choice but to urge the Government to find an alternative, better qualified candidate for Governor.”
- True & Fair Campaign publishes damning report of regulatory failure in the UK financial services industry
Miller reports that in the few days since publishing the Asleep at the Wheel report “the FCA’s litany of failure has continued:
- The FCA wrongly released personal details of 1,600 members of the public, including some addresses and telephone numbers, in a major data breach which could lead the FCA being hit with a major fine.
- A FTSE 100 stock (NMC) ) was suspended amid a deepening accounting scandal whose weak governance was ‘hardly a secret’ for the FCA, and which ‘shows Britain’s financials watchdogs don’t have enough bark, let alone bite.”
Miller says: “Rather than taking a serious look at our Asleep at the Wheel report, the FCA has falsely claimed in response that it had imposed fines on regulated firms ‘of nearly GBP5 billion since 2013, presumably to prove that Mr Bailey was a tough regulator. Not only is it alarming that the FCA is incapable of doing basic arithmetic, as their own website shows the correct figure for 2013 to 2020 inclusive is GBP3.6 billion; it is also disingenuous as 80 per cent of these fines took place under the previous CEO, not under Mr Bailey.”
The True and Fair Campaign are calling for urgent action to be taken to protect British consumers, including:
a) an urgent review by the new Chancellor of the Exchequer, the Rt Hon Rishi Sunak MP, of Mr Bailey’s appointment as Governor of the Bank of England
b) the House of Commons Treasury Select Committee summoning Mr Bailey to address the issues raised in the True and Fair report relating to the lack of FCA regulation and enforcement of the scandals highlighted in the report
c) the Commons Treasury Select Committee calling for an independent review of the appointment process and lack of due diligence conducted in relation to the roles of Governor of the Bank of England and CEO of the FCA.