Exclusive: Lay off regulator Martin Wheatley or risk instability, MPs warn
Mark Leftly is political correspondent at The Independent on Sunday and associate business editor across the Independent titles. He writes a weekly column, Parliamentary Business, published on a Wednesday, that covers politics and the City. He is a multi-award winning reporter and was named Press Gazette's business magazine journalist of the year prior to joining The Independent on Sunday.
Monday 07 April 2014
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.
- 1 Kermit the Frog has a new girlfriend named Denise
- 2 The excuses your boss is most likely to believe when you call in sick
- 3 Moscow voted the world's unfriendliest city
- 4 I'm pansexual – here are the five biggest misconceptions about my sexuality
- 5 More than 11,000 Icelanders offer to house Syrian refugees to help European crisis
The one chart that shows how George Osborne is almost certainly going to be our next Prime Minister
The excuses your boss is most likely to believe when you call in sick
Three-year-old ultra-Orthodox Jewish children told 'the non-Jews' are 'evil' in worksheet produced by London school
Bono's group has made more money from Facebook investment than from all his music
Wikipedia rocked by 'rogue editors' blackmail scam targeting small businesses and celebrities
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
Tony Blair attacks Jeremy Corbyn's 'Alice In Wonderland' politics
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up
Iain Duncan Smith 'should resign over disability benefit death figures', says Jeremy Corbyn
If you're not already angry about the refugee crisis, here's a history lesson to remind you why you really should be
iJobs Money & Business
£14000 - £16000 per annum: Recruitment Genius: This company was established in...
£20000 - £25000 per annum + OTE 40k: SThree: SThree are a global FTSE 250 busi...
£20000 - £25000 per annum + competitive: SThree: SThree are a global FTSE 250 ...
£20000 - £25000 per annum: Recruitment Genius: We are a vibrant and establishe...