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Loss of trust

In Article Library by Ian Fraser0 Comments

By Ian Fraser Published: Signet Magazine Date: July 16th, 2012 (minor edits March 28th, 2013) Scottish banking was once renowned for prudential management. Today the association is rather different. Financial journalist Ian Fraser gives his view of events behind the collapse of RBS and HBOS and calls for a Leveson-style …

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Sir Marcus Agius — not very Herculean

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July 4th, 2012 Marcus Agius, the in-and-out chairman of Barclays, fails to convince in this interview with Faisal Islam. When asked if Diamond had resigned because he was told to by the governor of the Bank of England, Mervyn King, and the chairman of the FSA Lord Turner, Agius fails to answer, …

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If Hector Sants gets the PRA job, it’ll be the ultimate reward for failure

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By Ian Fraser Published: QFINANCE Date: 15 February 2012 The Financial Services Authority’s chairman Lord Turner made a fairly staunch defense of FSA chief executive Hector Sants at a hearing of the Treasury Select Committee on January 30. But some of the MPs on the committee seemed unconvinced that Sants, who earned £807,000 as FSA chief …

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Andy Haldane’s proposals for breaking the bankers’ doom loop

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By Ian Fraser Published: QFINANCE Date: 25 October 2011 For a central bank director, Andy Haldane is remarkably alert to the widening cracks in the global financial system. Delivering the Wincott Annual Memorial Lecture in London on October 24, Haldane tried to shake policymakers and regulators out of their complacency by …

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On banking, David Cameron is either clueless or a liar

In Blog by Ian Fraser1 Comment

5 October 2011 David Cameron displayed an astonishing lack of understanding of the banking sector in his interview with Sarah Montague on the BBC Radio 4 Today programme on Tuesday morning (as, I’m afraid, did Sarah, given her blinkered obsession with “bonuses”). If Cameron’s stumbling performance was due to ignorance, …

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Martin Lewis: “The banks have behaved disgustingly”

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20 April 2011 The High Court in London has today ruled that UK banks must compensate millions of people who they ripped off by selling them often useless payment protection insurance (PPI). In the video Martin Lewis, founder of Money Saving Expert, accuses the banks of behaving “disgustingly” throughout the PPI scandal, and …

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Mervyn King makes case for radical bank reform

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8 March 2011 It’s virtually unheard for the governor of a central bank to launch an outspoken attack on the integrity and purpose of his country’s banking sector. But this is what the Bank of England governor Mervyn King did last weekend. In an interview with former Telegraph editor Charles …

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Andy Haldane: how to break banking’s ‘doom loop’

In Blog by Ian Fraser2 Comments

21 February 2011 The Bank of England’s Andy Haldane gave a fresh perspective on the causes of the global financial crisis and ran through the UK central bank’s favoured cures at a recent lecture he gave to Irish thinktank the Institute of International and European Affairs. Haldane, the BoE’s executive …