The government and the Bank of England have announced that Alastair Clark, Michael Cohrs, Donald Kohn and Sir Richard Lambert have been appointed to the interim Financial Policy Committee (FPC) as external members.
The interim FPC is being established to prepare the ground, in advance of legislation, for the creation of the FPC as the body responsible for the stability of the financial system as a whole, addressing one of the main flaws of the current regulatory framework.
As previously announced, the other members of the interim FPC are the Governor of the Bank of England, Mervyn King, as Chair the Bank of England’s Deputy Governor for Financial Stability, Paul Tucker the Bank of England’s Deputy Governor for Monetary Policy, Charlie Bean the Chief Executive of the FSA, Hector Sants (in his capacity as future Deputy Governor for Prudential Regulation of the Bank of England and Chief Executive of the Prudential Regulation Authority) the Chairman of the FSA, Adair Turner the Bank of England’s Executive Director for Financial Stability, Andy Haldane and the Bank of England’s Executive Director for Markets, Paul Fisher.
There are also two non-voting members – the Chief-Executive-designate of the Financial Conduct Authority (formerly known as the consumer protection and markets authority), Martin Wheatley and
a Treasury member.
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