Bank considers ban on key executives : THE BARINGS COLLAPSE
Tuesday 07 March 1995
However, the Bank of England categorically denied there had been any move to ban Barings executives.
But there is a widespread expectation in the City that a number of senior Barings personnel are eventually likely to be prevented from working in banking and securities.
Under the 1987 Banking Act, the Bank has the power to write to Barings and say that as a result of information it holds it believes a director or a manager is not "fit and proper" to continue in his or her position.
A copy of the letter must be sent to the person concerned. The Securities and Futures Authority has similar powers over securities specialists.
After a 28 day breathing space for representations, the Bank of England can confirm, vary or withdraw its original letter. But if there is a dispute the case goes to a tribunal, and at any stage in the process those affected can ask for a judicial review.
Bankers believe it highly unlikely the Bank of England would have jumped the gun and sent out letters before its own investigations of Barings are complete.
If nothing else, if the Bank appears to pre-judge the issue, this could easily be used as grounds for a judicial review.
Lord Spens, a former director of Ansbacher, the merchant bank involved in the Guinness affair, is suing the Bank of England for blackballing him in a letter to his employers that he claims lost him his job.
Under pre-1987 banking legislation he had no right to an appeal.
Even with the new act, there is a procedure similar to blackballing which affects executives who have left an employer in the City - so it would not yet apply to the Barings chiefs.
The Bank of England writes to those concerned that if they seek work in a bank it would be "minded" to take their records into consideration before they can be approved as fit and proper for the job.
- 1 Malaysia Airlines MH17 crash: Pro-Russian rebel 'admits to shooting down plane'
- 3 Israel-Gaza conflict: The myth of Hamas’s human shields
- 5 Dutch paedophile club to fight their ban at the European Court of Human Rights
Lana Del Rey: 'I have slept with a lot of guys in the industry'
Peaches Geldof cause of death: 'Heroin addict' socialite had taken fatal dose of drug, inquest concludes
Peaches Geldof inquest: Tragic final moments of socialite's life reveal she lied to husband about failed heroin tests
Israel-Gaza conflict: The myth of Hamas’s human shields
Malaysia Airlines MH17 crash: Was a Russian-made missile really parked in this quiet square?
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
Malaysia Airlines MH17 crash: victims’ bodies bundled in black bags and loaded onto trains
iJobs Money & Business
£350 - £400 per day: Orgtel: PMO Analyst - Banking - London - £350 -£400 per d...
£300 - £350 per day + competitive: Orgtel: Cost Reporting Manager - MI Packs -...
£35000 - £40000 Per Annum plus 23 days holiday and pension scheme: Clearwater ...
£475 - £525 per day: Orgtel: Test Lead, London, Investment Banking, Technical ...