Britain's finance ministry rejected calls on Tuesday to review its appointm...
LONDON - Britain’s finance ministry rejected calls on Tuesday to review its appointment of Andrew Bailey as the next Bank of England governor because of several financial scandals on his watch at the markets regulator.
True & Fair, which campaigns for transparency on fees in the financial sector, said in a report on Tuesday that the shuttering of the Woodford equity fund and the collapse of investment firm London Capital & Finance raised questions about whether Bailey was “fit and proper” to head the central bank.
“Andrew Bailey’s tenure as CEO of the FCA has been characterized by a toxic cocktail of negligence, incompetence and indifference to the needs of ordinary depositors, investors and pensioners,” True & Fair co-founder Gina Miller told a news conference to publish its “Asleep at the Wheel” report on the FCA.
“In fact through FCA interventions millions of people have benefited including the most vulnerable in society,” the FCA said. The Bank of England said it would not be commenting on the report.
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