The government will not ensure the new Financial Policy Committee (FPC) includes an expert on insurance, the Chancellor has said.
The FPC will be part of the Bank of England (BoE) and will be responsible for identifying, reducing and removing systemic risks from the financial system. George Osborne said the government would not prescribe the individual qualifications and experience needed for individuals to become FPC members. During the second reading of the Financial Services Bill on Monday, which enshrines in law the new regulatory system, Osborne was asked if the FPC would be required to contain a member with insurance industry experience. Osborne said: "We do not want to prescribe the qualifications of t...
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