The Banking Standards Board, the body created to improve the reputation of the banking industry, has confirmed the departure of its high-profile deputy chairman.
Lord McFall, the former Labour MP who used to chair the Treasury select committee, has resigned from the BSB less than a year after joining the operation that was established in the wake of the 2012 Libor-rigging scandal.
Sky News reported he had left over a row about checking his mobile phone during a discussion.
McFall was not available for comment but the BSB said: “Having helped to launch the Banking Standards Board successfully, Lord McFall believes that he has achieved as much as he is able to do to produce positive outcomes at the board and feels that it is now appropriate to move on and concentrate on his other duties and interests.”
To take on the role at the BSB – the deputy chairman position came with a fee of £65,000 – McFall resigned from a non-executive position at startup bank Atom.
The BSB is chaired by Dame Colette Bowe, who was appointed through a selection process led by the Bank of England governor, Mark Carney. She is the former chair of communications regulator Ofcom and a former civil servant.
Bowe has sent her first report cards to the major banks about their compliance with their internal standards. The BSB, though, has not yet published any industry-wide standards.
It was established on the recommendation of Sir Richard Lambert, a former editor of the Financial Times and ex-head of the employers’ body the CBI, and its work was among the reasons cited by the Financial Conduct Authority when it dropped a review into banking culture at the end of last year.
A new deputy chairman is expected to be announced on 1 March.
This article was written by Jill Treanor City editor, for theguardian.com on Friday 19th February 2016 13.23 Europe/Londonguardian.co.uk © Guardian News and Media Limited 2010