Ex-Barings boss to accuse watchdog of bias

A former employee of Barings Bank will accuse a City watchdog of bias in its case against him when he presents evidence to the Commons' Select Treasury Committee next month.

Ian Hopkins, head of risk for Barings Investment Banking Group at the time of the bank's pounds 860m crash, has accused the Securities and Futures Association of conflict of interest in written evidence to the committee.

He has opted not to go before an SFA tribunal on the grounds that it will be unable to reach a fair verdict.

He will also point to the discrepancies between the report on the affair by the Singapore authorities and the Bank of England's findings.

MPs on the committee are anxious to reach a greater understanding of why the reports differ on many points and come to such opposite conclusions. The Singapore report highlights his whistleblower role and says: "In our view the collapse might have been averted if Mr Hopkins' concerns had been taken seriously and acted upon promptly and effectively."

The SFA wants to discipline him, and eight others, who feature prominently in the Bank of England report. They have been charged with failing to act with due skill, care and diligence.

His colleague, Ron Baker, who ran the Debt Financial Products Group, will fight a three-year ban and a pounds 10,000 fine through the SFA's tribunal procedure. A preliminary hearing before the tribunal chairman will be held in May, and the first full hearings will take place in September.

"I believe the tribunal will give me the first opportunity to present my case, and ensure natural justice is done," said Mr Baker.

He is also insisting on appearing before the Treasury Committee if he is named to MPs by other former Barings colleagues. "I want the right to respond if defamatory comments are made about me in a privileged environment," he said.

The SFA has said the first disciplinary case will be concluded by the end of the week. Peter Norris, the former chief executive of Barings, is expected to accept a three-year ban, as well as a pounds 10,000 fine.

Mary Wolz, formerly global head of equity products, is also pursuing the tribunal route.

Five others - who are facing penalties ranging from one- to three-year bans from the City and fines of between pounds 5,000 and pounds 10,000 - are in discussion with the SFA.