The revelation comes as the Government faces mounting pressure over the Co-op Bank and its disgraced ex-chairman Paul Flowers
George Osborne’s team blocked three separate attempts by Labour to bring in
an annual “health check” to weed out rogue bankers, it emerged yesterday.
The revelation comes as the Government faces mounting pressure over the stricken Co-op Bank and its disgraced ex-chairman Paul Flowers.
Labour first pushed for a licensing regime with an annual “validation of competence” in March 2012. The proposed legal change would also have set standards for integrity, professional qualifications and a code of conduct.
But Tory MP and former City Minister Mark Hoban opposed the moves, which he said were not necessary.
Government ministers also blocked two similar clampdowns put forward by Labour in April and July 2013.
This week Labour will again try to push for the health checks on bankers in the wake of the Flowers scandal.
Chancellor Mr Osborne announced on Friday that there will be an independent probe into the near collapse of the Co-op Bank, now under new management.
But the Tories face mounting questions after reports that Mr Hoban had up to 30 meetings to try to smooth over the failed Co-op purchase of 632 Lloyds branches.
Shadow City Minister Cathy Jamieson said: “An annual health check, which Ministers resisted on three separate occasions, could have spotted problems and rung alarm bells in this case.”
Mirror
The revelation comes as the Government faces mounting pressure over the stricken Co-op Bank and its disgraced ex-chairman Paul Flowers.
Labour first pushed for a licensing regime with an annual “validation of competence” in March 2012. The proposed legal change would also have set standards for integrity, professional qualifications and a code of conduct.
But Tory MP and former City Minister Mark Hoban opposed the moves, which he said were not necessary.
Government ministers also blocked two similar clampdowns put forward by Labour in April and July 2013.
This week Labour will again try to push for the health checks on bankers in the wake of the Flowers scandal.
Chancellor Mr Osborne announced on Friday that there will be an independent probe into the near collapse of the Co-op Bank, now under new management.
But the Tories face mounting questions after reports that Mr Hoban had up to 30 meetings to try to smooth over the failed Co-op purchase of 632 Lloyds branches.
Shadow City Minister Cathy Jamieson said: “An annual health check, which Ministers resisted on three separate occasions, could have spotted problems and rung alarm bells in this case.”
Mirror
