UK lawmakers query FSA role of BoE’s Miles

July 2, 2009

David Miles    LONDON, July 2 (Reuters) – British lawmakers backed the appointment of David Miles to the Monetary Policy Committee on Thursday but said they were worried about a possible conflict of interest from his role at the Financial Services Authority.
   Miles, who took up his BoE post last month, was already a non-executive director of the FSA regulator. Normally, only the BoE’s Deputy Governor for Financial Stability would have a seat on the FSA’s board.
   “This is a departure from this arrangement,” Treasury Committee chairman John McFall said in a statement.
   “The Committee has therefore recommended that both institutions should consider the potential conflicts and benefits which might arise from cross-membership beyond Deputy Governor level and report back to the Treasury Committee before the next MPC meeting.
   “We are satisfied that Professor Miles fulfils our two criteria for appointment to the Monetary Policy Committee of professional competence and personal independence, subject to that one qualification,” he said.
   The Treasury Committee will publish its report on the appointment on July 6 at 1000 GMT.

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