The Telegraph profiles the members of the Financial Policy Committee, which is charged with ensuring financial stability by monitoring "broader risks in financial markets" and "identifying excesses and vulnerabilities".
Sir Mervyn King:
Mervyn King, who became a Sir in June's Honours list, has been Governor of the Bank of England since 2003. He was honoured for efforts to stabilise and rebuild Britain's economy. Sir Mervyn was often thought to be on the verge of losing his job under the last Government, particularly following the collapse of Northern Rock. But, he has become one of the Coalition's most vital allies, consistently supporting George Osborne's tough deficit reduction plan.
Charles Bean
Charles - or "Charlie" - Bean is the deputy governor at the Bank of England and a member of the Monetary Policy Committee. In September 2010, he drew criticism for making comments suggesting that households could perhaps up their spending, rather than saving more. "What we're trying to do by our policy is encourage more spending, ideally we'd like to see that in the form of more business spending but part of the mechanism that might encourage that is having more household spending so in the short term we want to see households not saving more but spending more," he told Channel 4 News.
Paul Tucker
Paul Tucker is a deputy governor at the Bank of England and oversees financial stability. In June this year, he said that banks must redraw their "social contract" with society if they are to move on from the financial crisis. He said the contract between banks and the rest of society had been "found wanting" in the wake of the crisis that also revealed that regulations was "riddled with design faults".
Hector Sants
Hector was appointed chief executive of the Financial Services Authority at the end of July 2007 and in July 2010 was appointed deputy governor designate of the Bank of England and chief executive designate of the Prudential Regulation Authority (PRA) which will be the subsidiary of the Bank of England responsible for prudential regulation of banks and insurers. "The PRA will need to be imaginative in its employment offering and seek to reach out to a diverse and different pool of individuals than are traditionally attracted to the City and indeed the regulators of the past," he has said, explaining that each major firm will need its own dedicated team of regulators.
Paul Fisher
One of the Bank of England's foremost experts on currencies and monetary policy, Paul Fisher is director of markets at the Bank and a member of the Monetary Policy Committee. Earlier this month, he warned that markets' hunt for higher returns in an environment of low interest rates poses a risk to financial stability. "Investors know – and must remember – that there is no such thing as a free lunch, and that additional return involves additional risk," he said.
Lord Adair Turner
Lord Turner, formerly chairman of the Pensions Commission, is chairman of the Financial Services Authority. Earlier this year, he said threats that London's banks would move to Singapore or Hong Kong because of over-regulation in the UK were a "fantasy" and more to do with lobbying than serious decision-making. "I think the idea that people are going to go off to Hong Kong or Singapore or Brazil to escape our capital and liquidity regimes is a complete fantasy," he said.
Andy Haldane
Andy Haldane joined the Bank of England in 1989. Since joining, he has headed the Bank's work on risk assessment, market infrastructure and on international finance; he is now executive director for financial stability and has responsibility for developing Bank policy on financial stability issues and the management of the Financial Stability Area.
External members:
Alastair Clark
A former executive director for financial stability at the Bank of England and adviser to the Governor on financial issues and the City, Alastair Clark left the Bank in early 2007 but was asked by Sir Mervyn to return later in the year to help respond to the worsening financial crisis.
Michael Cohrs
A member of the Deutsche Bank Advisory Board, Michael Cohrs was appointed as a non-executive director of the Bank of England in June 2010. He was appointed to replace Antonia Horta-Osorio, who was appointed chief executive of Lloyds Banking Group.
Donald Kohn
A former vice-chairman of the Federal Reserve, Donald Kohn is an expert on monetary policy, financial regulation and macroeconomics.
Non-voting members:
Martin Wheatley
The chief executive designate of the Financial Conduct Authority (FCA), which was spun out of the Financial Services Authority, will be a non-voting member of the Committee. He was appointed to his role at the FCA at the beginning of February. Having spent 18 years at the London Stock Exchange, where he rose to the position of deputy chief executive, he then spent around five years heading up Hong Kong's Securities and Futures Commission.
There will also be a non-voting representative of the Treasury on the Committee.
Source: www.telegraph.co.uk
Sir Mervyn King:
Mervyn King, who became a Sir in June's Honours list, has been Governor of the Bank of England since 2003. He was honoured for efforts to stabilise and rebuild Britain's economy. Sir Mervyn was often thought to be on the verge of losing his job under the last Government, particularly following the collapse of Northern Rock. But, he has become one of the Coalition's most vital allies, consistently supporting George Osborne's tough deficit reduction plan.
Charles Bean
Charles - or "Charlie" - Bean is the deputy governor at the Bank of England and a member of the Monetary Policy Committee. In September 2010, he drew criticism for making comments suggesting that households could perhaps up their spending, rather than saving more. "What we're trying to do by our policy is encourage more spending, ideally we'd like to see that in the form of more business spending but part of the mechanism that might encourage that is having more household spending so in the short term we want to see households not saving more but spending more," he told Channel 4 News.
Paul Tucker
Paul Tucker is a deputy governor at the Bank of England and oversees financial stability. In June this year, he said that banks must redraw their "social contract" with society if they are to move on from the financial crisis. He said the contract between banks and the rest of society had been "found wanting" in the wake of the crisis that also revealed that regulations was "riddled with design faults".
Hector Sants
Hector was appointed chief executive of the Financial Services Authority at the end of July 2007 and in July 2010 was appointed deputy governor designate of the Bank of England and chief executive designate of the Prudential Regulation Authority (PRA) which will be the subsidiary of the Bank of England responsible for prudential regulation of banks and insurers. "The PRA will need to be imaginative in its employment offering and seek to reach out to a diverse and different pool of individuals than are traditionally attracted to the City and indeed the regulators of the past," he has said, explaining that each major firm will need its own dedicated team of regulators.
Paul Fisher
One of the Bank of England's foremost experts on currencies and monetary policy, Paul Fisher is director of markets at the Bank and a member of the Monetary Policy Committee. Earlier this month, he warned that markets' hunt for higher returns in an environment of low interest rates poses a risk to financial stability. "Investors know – and must remember – that there is no such thing as a free lunch, and that additional return involves additional risk," he said.
Lord Adair Turner
Lord Turner, formerly chairman of the Pensions Commission, is chairman of the Financial Services Authority. Earlier this year, he said threats that London's banks would move to Singapore or Hong Kong because of over-regulation in the UK were a "fantasy" and more to do with lobbying than serious decision-making. "I think the idea that people are going to go off to Hong Kong or Singapore or Brazil to escape our capital and liquidity regimes is a complete fantasy," he said.
Andy Haldane
Andy Haldane joined the Bank of England in 1989. Since joining, he has headed the Bank's work on risk assessment, market infrastructure and on international finance; he is now executive director for financial stability and has responsibility for developing Bank policy on financial stability issues and the management of the Financial Stability Area.
External members:
Alastair Clark
A former executive director for financial stability at the Bank of England and adviser to the Governor on financial issues and the City, Alastair Clark left the Bank in early 2007 but was asked by Sir Mervyn to return later in the year to help respond to the worsening financial crisis.
Michael Cohrs
A member of the Deutsche Bank Advisory Board, Michael Cohrs was appointed as a non-executive director of the Bank of England in June 2010. He was appointed to replace Antonia Horta-Osorio, who was appointed chief executive of Lloyds Banking Group.
Donald Kohn
A former vice-chairman of the Federal Reserve, Donald Kohn is an expert on monetary policy, financial regulation and macroeconomics.
Non-voting members:
Martin Wheatley
The chief executive designate of the Financial Conduct Authority (FCA), which was spun out of the Financial Services Authority, will be a non-voting member of the Committee. He was appointed to his role at the FCA at the beginning of February. Having spent 18 years at the London Stock Exchange, where he rose to the position of deputy chief executive, he then spent around five years heading up Hong Kong's Securities and Futures Commission.
There will also be a non-voting representative of the Treasury on the Committee.
Source: www.telegraph.co.uk
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