Pendle MP questions banker’s qualifications (From Lancashire Telegraph)

Pendle MP questions banker’s qualifications

1:37pm Friday 10th July 2009 in

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PENDLE MP Gordon Prentice has questioned the qualifications of disgraced banker Sir Fred Goodwin.

MPs in the House of Commons were discussing plans by Chancellor Alistair Darling to clean up Britain’s financial services sector in the wake of last year’s banking collapse.

Among the banks rescued by the Government was the Royal Bank of Scotland, headed by Sir Fred who resigned and launched another storm when it was revealed that he took with him a £7million pension pot.

Mr Prentice asked Mr Darling: “Sir Fred Goodwin famously did not have a recognised banking qualification.

"Should chief executives be expected to have one?”

The Chancellor replied that the Financial Services Authority (FSA) had a “responsibility” to ensure the people running Britain’s banks were fit to do so.

Mr Prentice’s question came after Mr Darling’s changes to the financial system, including new roles for the FSA, were widely criticised yesterday.