SFA to face MPs' quiz over Barings

The Securities and Futures Authority, the City regulator headed by Richard Farrant, is to be summoned to appear within weeks before a committee of MPs to explain its decision to discipline a former Barings executive described as a "whistleblower".

The SFA will be questioned by the Treasury and Civil Service Select Committee over its move to discipline Ian Hopkins, former head of group treasury and risk at Barings.

Other former executives who may be called before the committee include Andrew Tuckey, deputy chairman at the bank, and Peter Norris, former head of securities.

Mr Hopkins is thought to have approached the committee after a move by the SFA to ban him from working within the industry for up to three years and make him pay costs thought to be of pounds 10,000 for his role in the the bank's collapse.

However, he is understood to see himself as a whistleblower, who drew the activities of Nick Leeson, the Singapore trader who cause Barings collapse, to the bank's attention several months earlier. Nine former Barings executives are said to be facing disciplinary action by the SFA.

One MP, who would not be named, said: "The SFA has a lot to answer for. I hope we will be calling on them to appear before the Committee and tell us why they have taken this prejudiced stand against a brave whistleblower like Hopkins.''

A deadline for them to accept the SFA's action passed on Friday. Two executives, including Mr Hopkins and Ron Baker, former head of derivatives trading, are believed to be opposed to the decisions taken against them. Mr Baker's penalty is believed to be similar to Mr Hopkins'.

Barings was brought down in February last year by losses of some pounds 860 million run up by Leeson in the high-risk derivatives market in Singapore. He is now serving a six and a half year sentence in the state's Changi Prison after admitting two counts of cheating.

Barings was rescued by Dutch banking group ING. In April last year, 20 key Barings staff based in Singapore, Tokyo and London left the company.

Although Mr Hopkins and Mr Baker were both criticised by the Board of Banking Supervision inquiry into the bank's collapse, they were not held to be responsible for what happened by a separate inquiry ordered by the Singapore Ministry of Finance in October 1995.

The Singapore report said: "In our view the collapse might have been avoided if Mr Hopkins' concerns had been taken seriously and acted upon promptly.''

Start your day with The Independent, sign up for daily news emails
Sport
England's women celebrate after their 3rd place play-off win against Germany
Women's World CupFara Williams converts penalty to secure victory and bronze medals
Arts and Entertainment
Ricardo by Edward Sutcliffe, 2014
artPortraits of LA cricketers from notorious suburb go on display
News
newsHillary Clinton comments on viral Humans of New York photo of gay teenager
Arts and Entertainment
The gang rape scene in the Royal Opera’s production of Gioachino Rossini’s Guillaume Tell has caused huge controversy
music
ebooks
ebooksAn introduction to the ground rules of British democracy
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Sales Assistant / Buyer

£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...

Recruitment Genius: Customer Service Advisor

£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...

SThree: Trainee Recruitment Consultant

£20000 - £25000 per annum + OTE £45K: SThree: SThree were established in 1986....

Recruitment Genius: Compliance Manager

£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...

Day In a Page

Is this the future of flying: battery-powered planes made of plastic, and without flight decks?

Is this the future of flying?

Battery-powered planes made of plastic, and without flight decks
Isis are barbarians – but the Caliphate is a dream at the heart of all Muslim traditions

Isis are barbarians

but the Caliphate is an ancient Muslim ideal
The Brink's-Mat curse strikes again: three tons of stolen gold that brought only grief

Curse of Brink's Mat strikes again

Death of John 'Goldfinger' Palmer the latest killing related to 1983 heist
Greece debt crisis: 'The ministers talk to us about miracles' – why Greeks are cynical ahead of the bailout referendum

'The ministers talk to us about miracles'

Why Greeks are cynical ahead of the bailout referendum
Call of the wild: How science is learning to decode the way animals communicate

Call of the wild

How science is learning to decode the way animals communicate
Greece debt crisis: What happened to democracy when it’s a case of 'Vote Yes or else'?

'The economic collapse has happened. What is at risk now is democracy...'

If it doesn’t work in Europe, how is it supposed to work in India or the Middle East, asks Robert Fisk
The science of swearing: What lies behind the use of four-letter words?

The science of swearing

What lies behind the use of four-letter words?
The Real Stories of Migrant Britain: Clive fled from Zimbabwe - now it won't have him back

The Real Stories of Migrant Britain

Clive fled from Zimbabwe - now it won’t have him back
Africa on the menu: Three foodie friends want to popularise dishes from the continent

Africa on the menu

Three foodie friends want to popularise dishes from the hot new continent
Donna Karan is stepping down after 30 years - so who will fill the DKNY creator's boots?

Who will fill Donna Karan's boots?

The designer is stepping down as Chief Designer of DKNY after 30 years. Alexander Fury looks back at the career of 'America's Chanel'
10 best statement lightbulbs

10 best statement lightbulbs

Dare to bare with some out-of-the-ordinary illumination
Wimbledon 2015: Heather Watson - 'I had Serena's poster on my wall – now I'm playing her'

Heather Watson: 'I had Serena's poster on my wall – now I'm playing her'

Briton pumped up for dream meeting with world No 1
Wimbledon 2015: Nick Bollettieri - It's time for big John Isner to produce the goods to go with his thumping serve

Nick Bollettieri's Wimbledon Files

It's time for big John Isner to produce the goods to go with his thumping serve
Dustin Brown: Who is the tennis player who knocked Rafael Nadal out of Wimbeldon 2015?

Dustin Brown

Who is the German player that knocked Nadal out of Wimbeldon 2015?
Ashes 2015: Damien Martyn - 'England are fired up again, just like in 2005...'

Damien Martyn: 'England are fired up again, just like in 2005...'

Australian veteran of that Ashes series, believes the hosts' may become unstoppable if they win the first Test