NEW: Bank of England Governor Andrew Bailey, is expected to appear before an MP inquiry into the British Steel #pension mis-selling scandal.
Bailey was chief of the FCA when the scandal involving thousands of steelworkers first erupted in 2017. #BSPS
— Josephine Cumbo (@JosephineCumbo) April 29, 2022
It’s a long way from Port Talbot and Scunthorpe to the Bank of England and Andrew Bailey probably wants to forget his responsibility for leading the FCA when steelworkers were left vulnerable to FCA regulated advisers who weren’t behaving as the FCA wanted.
Andrew Bailey has walked away from more than the memories of BSPS, there are many other financial traumas that continue to attend the people the FCA protect because the regulatory system broke down. These include small companies ravaged by RBS, the LCF bondholders and a list of other failures itemised in this document, challenging his appointment to the Bank of England.
If Andrew is, as the FT reports to be re-interviewed , is it on a charge of “gross misconduct” or as a part of the MP’s routine inquiries. Those who side with Andrew Bailey would call this an ad hominem witch-hunt, Gina Miller and many others would call it an attempt to make those who get chosen and paid to lead, to be accountable for their leadership.
Unlike the IFAs who sold bad advice and bad solutions, Andrew Bailey is unlikely to have his assets sanctioned or his livelihood taken away. The worst he can expect is a tarnished reputation and many, such as Gina Miller, would point out that there isn’t much lustre left to tarnish.
So I question the point of revisiting the balls-up made by the former FCA CEO. The Governor of the Bank of England has a cost of living crisis to attend to, a looming recession in the UK and Europe to think about and the ongoing impact of Brexit to think about.
Whatever we may think about the failures of the FCA and Andrew Bailey’s part in them, unless there is a clear advantage to be had in putting the balls of Andrew Bailey on the block, we need to move on. The energies of MPs need to be focussed on getting the restitution to steelworkers fully and in a timely way.
This in no way is a blog in support of the man, it is a practical suggestion . What we do need to consider is why this man became Governor of the Bank of England and therein lies a tale.