‘Britain’s top water regulator has been drawn into a conflict-of-interest row after taking an outside job with a $2bn (£1.2bn) New York fund looking to invest in European utilities. Jonson Cox, who has been Ofwat chairman for a year, agreed to join the former UN secretary general Boutros Boutros-Ghali as an adviser to Squared Capital earlier this month.
The move has infuriated the water companies Mr Cox regulates. One senior water-industry source said: “How on earth can a regulator be an adviser to a fund that invests in regulated utilities?” The accusations come at a delicate time for Mr Cox, as he is pushing water utilities to lower bills in 2015-20 and demanding that they “build trust” with their customers.’
Read more: Ofwat chair wades into new controversy
