Magazine article Public Finance

Treasury Watchdog Calls for Stronger Financial Scrutiny

Magazine article Public Finance

Treasury Watchdog Calls for Stronger Financial Scrutiny

Article excerpt

The chair of the Treasury select committee, John McFaIl, has called for the scrutiny and regulation of the financial sector to be beefed up, to prevent a recurrence of the events that led up to the credit crunch.

He told Public Finance that recent events 'have exposed that the Treasury has not been as fit for purpose as it should have been and that 'for too long it has been second-guessing the financial services industry, rather than having real-time information on what is happening there'.

In a wide-ranging interview, he criticised the government for 'not taking heed' of warnings witnesses to the select committee made about the freezing up of liquidity.

Strong regulatory institutions were needed that were prepared to 'take the punch bowl away' from the banks when necessary, he said.

McFaIl also called for more government intervention over financial sector pay and bonuses: 'Why do we need to give bankers such massive incentives to get themselves up in the morning, when ordinary public servants have no incentive over and above their basic salary? …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.