Why is Gina Miller demanding a review of Andrew Bailey as Bank of England governor?
Anti-Brexit campaigner lays blame for series of scandals at the door of Financial Conduct Authority
Campaigners are demanding the chancellor holds an independent review into Andrew Bailey’s appointment as Bank of England governor, saying his tenure at the Financial Conduct Authority was characterised by a “toxic cocktail of negligence, incompetence and indifference”.
The True and Fair Campaign group, led by Gina Miller, is calling on chancellor Rishi Sunak, and the head of the Treasury select committee, Tory MP Mel Stride, to force Bailey to face questions over a string of financial scandals that wiped out the savings of small investors during his time as chief executive of the City regulator.
Miller said of Bailey: “On his watch, tens of thousands of Britons have lost money – in many cases losing their life savings which has devastated their lives, families and business.”
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
She added that if Bailey were confirmed in the “highly responsible and prominent role” of Bank of England governor, “it would be a gross betrayal of the government’s duty to protect consumers and a textbook example of rewarding failure”.
Investment Week says Miller’s report, Asleep at the Wheel: An expose of systemic regulatory failure and consumer detriment, lays the blame for a series of scandals at the door of the FCA.
The Guardian says that the alleged failures included the lack of investigation into allegations contained in Lloyds’ internal Turnbull report, in which a former employee claimed executives covered up fraud at the HBOS branch in Reading.
It adds that there are also allegations of “a lack of sufficient regulation around peer-to-peer platforms like Lendy which collapsed last year” and “the collapse of London Capital & Finance and the liquidation of Neil Woodford’s once-popular flagship investment fund”.
An FCA spokesperson told City AM: “We utterly reject these claims which contain numerous inaccuracies and are made with little understanding of the role of the FCA.”
Miller, a businesswoman, is best known for being at the forefront of anti-Brexit campaigns, coming to prominence through a series of court challenges.
–––––––––––––––––––––––––––––––For a round-up of the most important business stories and tips for the week’s best shares - try The Week magazine. Start your trial subscription today –––––––––––––––––––––––––––––––
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
When is an offensive social media post a crime?
The Explainer UK legal system walks a 'difficult tightrope' between defending free speech and prosecuting hate speech
By The Week UK Published
-
When will mortgage rates finally start coming down?
The Explainer Much to potential homebuyers' chagrin, mortgage rates are still elevated
By Becca Stanek, The Week US Published
-
Women are getting their own baseball league again
In the Spotlight The league is on track to debut in 2026
By Justin Klawans, The Week US Published
-
TD Bank accepts $3B fine over money laundering
Speed Read The US retail bank pleaded guilty to multiple criminal charges
By Peter Weber, The Week US Published
-
FDIC chair out after toxic work culture report
Speed Read The report revealed a trend of sexual harassment and discrimination at the Federal Deposit Insurance Corporation
By Peter Weber, The Week US Published
-
Citibank to cut off online access for customers who don't go paperless
Speed Read The bank will shut off the customer's access to both their online website and mobile app
By Justin Klawans, The Week US Published
-
First Republic: will UK banks survive unscathed?
Under the Radar US shares dip after collapse of third regional bank, but experts say contagion to the UK is unlikely
By Arion McNicoll Published
-
Banking crisis: has the city weathered the financial storm?
Talking Point The financial storm appears to have abated, but no one’s ruling out more squalls along the way
By The Week Staff Published
-
Should the UK relax bank ring-fencing rules?
Talking Point Treasury minister said he hopes to ‘boost competitiveness’ in the City with easing of regulations
By Richard Windsor Published
-
Should caps on bankers’ bonuses be scrapped?
Talking Point New chancellor Kwasi Kwarteng believed to be planning contentious move to ‘boost the City’
By Chas Newkey-Burden Published
-
Labour shortages: the ‘most urgent problem’ facing the UK economy right now
Speed Read Britain is currently in the grip of an ‘employment crisis’
By The Week Staff Published