Exclusive: Lay off regulator Martin Wheatley or risk instability, MPs warn
Influential MPs are privately warning for criticism of Martin Wheatley, the head of one of the two City regulators, to be toned down so as to avoid yet more financial instability.
Mr Wheatley was forced to deny that he would quit as chief executive at the Financial Conduct Authority after last month’s botched announcement of an inquiry into the insurance sector.
The Chancellor, George Osborne, said he was “profoundly concerned” after a journalist was briefed about an investigation into 70 million pensions and policies last month, market sensitive information that saw billions of pounds wiped off the value of insurance companies.
Andrew Tyrie, chairman of the Treasury Select Committee, blasted the fiasco as an “extraordinary blunder”, but MPs sitting on that same all-party group are worried that heaping pressure on Mr Wheatley will cause further market chaos.
A source close to the committee told The Independent there were concerns that with such a “huge amount of change in the regulatory environment”, now was not the time to discredit the head of a watchdog that has only been in place for a year.
Foreign investors could also be put off pouring their money into the London markets if they believe there is uncertainty over Mr Wheatley £600,000-a-year position, the source added.
Select committees have few formal powers, but have steadily gained in influence in recent years, depending on the strength of their chairman. Mr Tyrie, the Conservative MP for Chichester, has emerged as a political heavyweight through the financial crisis. This is partly through his work leading the Parliamentary Commission on Banking Standards, which last year demanded better corporate governance among Britain’s lenders.
Britain First criticised for using actress's memory to draw attention to their 'hate-filled home page'
Emergency call 'started off dumb, but got pretty serious'
Greatest mystery about the hit BBC1 show is how it continues to be made at all, writes Grace Dent
- 1 This 'woman calls police to order pizza' story isn't going where you're expecting
- 2 Axe wielding man shot dead after attacking four New York policemen on busy street
- 3 Watch what happened when food critics were unknowingly served McDonald's
- 4 Jimmy Carr's Oscar Pistorius joke goes a bit too far at the Q Awards
- 5 Ottawa shootings: Bruce MacKinnon's cartoon is the perfect tribute to soldier Nathan Cirillo
Renee Zellweger on plastic surgery rumours: 'I'm living a more fulfilling life and I'm thrilled that perhaps it shows'
This 'woman calls police to order pizza' story isn't going where you're expecting
FCKH8: YouTube reinstates provocative anti-sexism video showing young girls swearing
Axe wielding man shot dead after attacking four New York policemen on busy street
Diwali: What is the festival of lights – and how is it celebrated around the world?
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Support for EU membership 'at highest level since 1991' with most Brits wanting to stay 'in'
Thousands with degenerative conditions classified as 'fit to work in future' – despite no possibility of improvement
Residents should throw a street party and mix with immigrant neighbours, councils told
Attacks on 'Ukip Calypso' show how skewed people’s priorities are
iJobs Money & Business
£60000 per annum: Ashdown Group: Compensation and Benefits Manager - Compensat...
£30000 - £35000 Per Annum plus excellent benefits: Clearwater People Solutions...
£24000 - £28000 per annum + bonus & benefits: Ashdown Group: IT Business Syste...
£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...