The Bank of England has taken unprecedented action to strip a senior banker of key responsibilities due to concerns over potential conflicts.
The Daily Telegraph reports that Richard Meddings, group finance director of Standard Chartered, has been forced to give up oversight of the bank’s risk department under pressure from officials at the Prudential Regulation Authority (PRA), which is run by the Bank of England.
Meddings is one of the most respected finance directors in the FTSE 100, and the PRA’s action is a sign of the tough approach being taken by regulators to ensure direct lines of accountability at the top of Britain’s largest banks.
The PRA is understood to have told Standard Chartered, the emerging markets focused bank, that it was 'not happy' with Meddings’s role, leading the bank last month to confirm it would hand responsibility for risk to its chief executive, Peter Sands.
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