Better therefore to make regulation a clear government responsibility, which means in the case of the PIA that it should have direct statutory powers. At present, it is a junior regulator, with powers delegated to it by the Securities and Investments Board. Mr Newmarch stood out to the last against joining the PIA as other opponents caved in, leaving the Pru forced to ask for direct regulation by SIB.
But like all originals, Mick Newmarch did not know when to stop. There was little point in being the lone outsider. He should have given in gracefully when all his allies deserted him.
Likewise, he battled for months on a pointless campaign to prove that the Pru was not being investigated for misselling of pensions, when the fact was that an informal investigation was under way. Mr Newmarch relied on the fine distinction between formaland informal to prove his point.
The full story of his abrupt departure has yet to emerge, but these lost battles are important clues to his character. Back to the wall, fed up with other people's weak compromises, he could very well have decided enough was enough and walked out.Reuse content