View more on these topics

Tyrie: Overhaul MPC conduct code

Treasury select committee chairman Andrew Tyrie has written to the Bank of England to demand a review of its code of conduct for Monetary Policy Committee members.

In a letter to Bank governor Mark Carney last week, Tyrie says the appointment of Gertjan Vlieghe to the committee suggests the need for an overhaul. 

Vlieghe is a former partner and senior economist at Brevan Howard Asset Management and joined the MPC in late July. However, it later emerged that he would retain a share in the fund management group’s future earnings, raising questions about a possible conflict of interest with his role helping to set the Bank’s base rate.

Vlieghe later reached a deal to buy him out of his stake with Brevan Howard.

In the letter to Carney, Tyrie writes: “It is essential that those appointed to the MPC have no conflicts of interest, nor perception of them.

“A well-designed code of conduct, sensibly applied, should be capable of achieving this without diminishing the quality of applicants.”

A Bank spokeswoman confirmed that it had received Tyrie’s letter and would respond but declined to comment further.

Recommended

yousefi

Shadow MPC

It is almost certain we shall see no changes in base rate or QE when the MPC meets later this month against the backdrop of fragile sentiment in global financial markets  

Whittaker_David_2015

Keystone launches into bridging

Keystone has launched a range of bridging products. Rates start at 0.85 per cent a month for loans between £50,000 and £1m and Keystone will lend up to 70 per cent LTV as standard and 75 per cent by referral. The range is aimed at residential landlords looking to buy at auction, refinance and those […]

Cover story: Bomb scare? Time will tell

Will the eventual rises in base rate blow up in borrowers’ faces or are falling arrears and repossessions a sign that most homeowners will be able to absorb the impact?

Simon Fletcher

Auto-enrolment: pay attention or pay the price

By Simon Fletcher

As a chief executive officer of a business in the financial services sector, I have been dealing with the introduction of auto-enrolment for our clients for some time, but I can also speak from an employer’s point of view, having to go through the process ourselves.

Newsletter

News and expert analysis straight to your inbox

Sign up