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Bank sets up independent reviews of its crisis response

The Bank of England has set up three independent reviews into how effective its response to the financial crisis has been over the past five years.

The three reviews will focus on ensuring the Bank has the capability to respond to future crises and will pay close attention to the collapse of Lehman Brothers in the US in September 2008, the recapitalisation of the major UK banks and the global recession.

Beginning immediately, the Bank has asked Ian Plenderleith, chairman of investment company BH Macro, to review the Bank’s actions at the height of the financial crisis and its ability to provide emergency liquidity assistance.

Bill Winters, chief executive of Renshaw Bay and former co-chief executive officer of JPMorgan Investment Bank, has been asked to gauge whether the reforms introduced after the Treasury Committee’s report, The Run On The Rock, have worked.

And David Stockton, former director of research and statistics at the board of governors of the Federal Reserve System, has been asked to review the forecasting capability of the Monetary Policy Committee.

All three reports will be published soon after they have been presented to the Bank in October 2012. But they will only concentrate on areas where the Bank had sole responsibility and will not stray into the actions of the other tripartite authorities – namely HM Treasury and the Financial Services Authority.


Fight claims firms that are using sourcing data

Mortgage brokers are being urged to challenge claims firms that allege mortgage mis-selling by using sourcing data from the date when the mortgage was sold. Mortgage Strategy understands that data companies are selling information to claims firms that shows what products were on the market at the time the deal was done. Claims firms are […]


Don’t blame MMR for low lending, says FSA

The Financial Services Authority has dismissed suggestions that the Mortgage Market Review is responsible for a drop in lending levels and a more risk-averse market. Some industry commentators have previously criticised lenders for implementing parts of the MMR before the FSA has introduced its final rules, especially in interest-only lending, where lenders have significantly tightened […]

Most mortgage fraud takes place in the B2L sector, says PMS boss

The buy-to-let sector is where most of the fraudulent activity in the mortgage market is occurring, according to John Malone, executive chairman of PMS. Speaking at the Mortgage Business Expo in Manchester last week, Malone, who is also brokers’ representative on the National Fraud Authority’s Mortgage Fraud Forum, told delegates: “There is a big problem […]

Why prevention is better than cure

Quoting the famous adage, prevention is better than cure; there are many proactive benefits that can improve wellness in the workplace, decrease stress, increase staff morale and reduce absenteeism, as well as attracting and retaining employees of a higher standard. With a recent study showing that employees in Britain are working below peak productivity, preventative benefits can ensure you address potential health issues or causes of stress at their source and ensure productivity in the workplace remains at an optimum level. With this in mind, how are you using preventative benefits to help keep your workforce happy and healthy?


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