One of the few scapegoats of the Northern Rock affair, Mr Clive Briault, has trousered £528,000 from the UK's financial regulator Financial Services Authority (FSA). Mr Briault left the organisation in April 2008 by mutual consent. The mortgage bank had to be rescued by the UK government after being unable to borrow from the wholesale lending market.
MoneyMarketing also reports that the FSA boss, Callum McCarthy, who saw his pay go up by 10 per cent to £480,553 but did refuse a bonus. Amazing, the British government under the Reverend Gordon Brown, has called for pay restraint to help keep inflation at around 2 pct-3 pct, when quangocrats are getting a lot more.
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The Daily Telegraph reports that Northern Rock has appointed Rick Hunkin to reinforce risk control at the Newcastle-based bank. Mr Hunkin had a similar role at the U.S owned institution GE Money UK Home Lending. I suppose better late than never.
I suppose everybody is wondering if Bradford and Bingley is going the same way as its
northern rival.
Showing posts with label Clive Briault. Show all posts
Showing posts with label Clive Briault. Show all posts
Tuesday, 8 July 2008
Thursday, 27 March 2008
Briault walks the plank at Financial Services Authority.
Managing director Clive Briault has walked the plank at the UK regulatory body
Financial Services Authority (FSA) following the Northern Rock debacle according
to Money Marketing. However, Mr Briault was the prime mover of the retail distribution review, which has yet to be finished. He leaves with a contractual
£380,000.
Elsewhere, I read that the actual FSA staff supervising the UK mortgage bank were insurance rather than banking experts. The organisation's internal report has pointed to failings in the supervision of Northern Rock but I think the main structural flaw was the tripartite responsibility of the FSA, the Bank of England and the Treasury.
Bank of England governor Mervyn King still seems to want to punish banks for their mistakes but he lost the opportunity to do that some time ago. In a perfect world
the banks' shareholders would lose their shirts for their poor lending decisions
but this would be too damaging for all concerned.
Financial Services Authority (FSA) following the Northern Rock debacle according
to Money Marketing. However, Mr Briault was the prime mover of the retail distribution review, which has yet to be finished. He leaves with a contractual
£380,000.
Elsewhere, I read that the actual FSA staff supervising the UK mortgage bank were insurance rather than banking experts. The organisation's internal report has pointed to failings in the supervision of Northern Rock but I think the main structural flaw was the tripartite responsibility of the FSA, the Bank of England and the Treasury.
Bank of England governor Mervyn King still seems to want to punish banks for their mistakes but he lost the opportunity to do that some time ago. In a perfect world
the banks' shareholders would lose their shirts for their poor lending decisions
but this would be too damaging for all concerned.
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