The Treasury Select Committee today announced that it has appointed Stuart Bernau, former Chairman and Chief Executive of the Chelsea Building Society, and Iain Cornish, former Chief Executive of the Yorkshire Building Society, to review the report that the Financial Services Authority (FSA) is preparing on the failure of HBOS.
The Committee has also published the terms of reference for its review.
Mr Andrew Tyrie MP, Comments:
I am pleased that the Treasury Committee has been able to secure high quality specialists to review the FSA’s report. They have an important job to do.
The FSA’s previous report into RBS laid bare serious failures both within RBS and at the regulator.
Without persistent pressure from the Treasury Committee, that report would never have been produced; Parliament and the public would have been none the wiser.
Its quality was enhanced by the scrutiny of the Treasury Committee-appointed specialist advisers, Sir David Walker and Bill Knight.
These reports are needed to guide regulatory reform in the UK.
Unless regulators are frank about what went wrong last time there will be little chance of avoiding a repetition in the future.