George Osborne
Chancellor George Osborne yesterday announced an independent investigation into the near-collapse of the Co-operative Bank.
City regulators the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have also announced they are considering whether to start formal enforcement investigations into the bank.
The Treasury said Mr Osborne (left) will use powers under last year's Financial Services Act to order the independent investigation into “events at the Co-op Bank and the circumstances surrounding them”. It will cover “the appointment of senior staff” at the bank and examine events from at least 2008 – taking in the period covered by both the Labour and coalition governments.
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