Chancellor of the exchequer George Osborne is expected to order an inquiry into how Paul Flowers was appointed chairman of the Co-operative Bank, despite admitting that he was under qualified.
The expected inquiry comes after comments by David Cameron, who said during prime minister’s questions that there were “a lot of questions to be answered” over Flowers’ appointment.
This follows on from Flowers’ admissions that he bought Class A drugs just days after being grilled by MPs over the near-collapse of the Co-op. Shortly after, he was suspended from both the Labour party and the Methodist church, where he practices as a minister in Bradford.
The exact details which the inquiry will probe are likely to be announced in the coming days, but Cameron said the MPs charged with the task must “get to the bottom of what went wrong”.
“The chancellor will be discussing with the regulators what is the appropriate form of inquiry to get to the bottom of what went wrong here, but there are clearly a lot of questions that have to be answered”, Cameron said.
“Why was Rev Flowers judged suitable to be chairman of a bank? Why weren’t alarm bells rung earlier, particularly by those who knew? And I think it will be important in the coming days that if anyone does have information they stand up and provide it to the authorities”.
The announcement by the prime minister follows on from comments made by Conservative MP Andrew Tyrie, who described the system by which banking executives are appointed as a “complete disaster”.
On Tuesday, Len Wardle announced his immediate resignation from his post as chairman of the Co-operative Group amid the scandal.
Like our Facebook Page
How to Find an Eco-Friendly Termite Control Service Provider in Malaysia
Eco-Friendly Vegans Win Most Battles Not the War
3 Iconic Chicago Billboards Eco-Friendly Advertisers Can Learn from
EnviroSolar’s Abe Issa Discusses Success in Green Entrepreneurship
How Sports Could Be Impacted by Climate Change
What Eco-Friendly Patients Should Know about Online Therapy
6 Reasons Why Meal Delivery Services are Eco-Friendly
The Path for Retail’s Sustainable Future
4 Eco-Friendly Ways to Treat a Sinus Infection
4 Strategies for Eco-Friendly Real Estate Investors to Find Properties
How Managed Print Services Helps to Reduce Paper Waste
Why Scientists Are Concerned About ‘Forever Chemicals’ In Drinking Water
Meat Farming Is Only Getting Smarter, Easier & Eco-Friendlier
What is Eco-Friendly Homesteading and How Does it Affect Your Insurance?
Importance of Using a Water Purifier in an Area with High Pollution
Alternative Financing Ideas for Green Businesses that Shun Banks
Tencel Material Demand Shows Britain Is More Eco-Friendlier Than Ireland
How To Invest in Clean Energy Stocks in Only Five Easy Steps!
How To Secure Funding As An Eco-Entrepreneur?
4 Amazing Eco-Friendly Businesses Worth Starting in 2021
- Features8 months ago
Seven Health and Safety Tips for Eco-Friendly Products in a Green Home
- Energy9 months ago
Eco-Friendly Homeowners Lower Carbon Footprints through Greater Air Conditioner Efficiency
- Features8 months ago
Essential Guidelines for Eco-friendly Moving into new Home
- Invest10 months ago
The Eco-Friendly Evolution of Bitcoin Over the Years