Dame Clara Furse, former London Stock Exchange chief executive, faced a withering critique on Tuesday as MPs sharply questioned her independence, qualifications and fitness to join the Bank of England’s new stability arm.
Members of the Treasury select committee took aim at Dame Clara’s prior service on the risk and capital committee of the failed bank Fortis. They also criticised her lack of enthusiasm for tighter leverage caps, rules on overall bank borrowing that Parliament backs in the face of opposition from the Treasury.
Jesse Norman, a prominent Conservative, called her testimony “amazingly unimpressive” and called into question whether he could support her appointment to the Financial Policy Committee, which has responsibility for disarming threats to UK financial stability and growth.
There's just a hint of courage there in the face of the onslaught from the financial establishment to take over the regulatory process.
We could do with somewhat more.