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Wanstead MP Harry Cohen has called for safeguards to prevent financial crises

4:50pm Friday 17th July 2009 in


WANSTEAD MP Harry Cohen has called for reforms to the UK banking system to avoid crises such as the credit crunch.

Mr Cohen, who is stepping down at the next election after 25 years representing his east London constituency, asked if the Chancellor of the Exchequer would ensure that non-executive directors of banks and other financial institutions are not appointed by those bodies.

Parliamentary Secretary for the Treasury Sarah McCarthy-Fry MP replied: “Company directors are accountable to shareholders for the execution of their duties under the Companies Act 2006.

“Shareholders are responsible for holding directors accountable for their performance and stewardship and decide whether to appoint or reappoint directors.

“The function of non-executive directors in banks and other financial institutions is being considered by Sir David Walker as part of his review of bank corporate governance.

“Sir David's consultation paper was published on July 16 and the Government will consider its recommendations carefully.”

Comments(7)

Fresh Gravee says...
5:06pm Fri 17 Jul 09

'Wanstead MP Harry Cohen has called for safeguards to prevent financial crises'


And maybe the financial crisis of MP's over the top expenses claims need reforming.


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The Stowaway says...
8:29pm Fri 17 Jul 09

Obviously a matter very close to Harrys heart, he wouldn't want the bank to lose all the money he has spent so much time fiddling to put in there.

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Touchwood says...
12:08am Sat 18 Jul 09

'Hypocritical Harry'
strikes again!!

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Techno2 says...
11:39am Sat 18 Jul 09

Keep up the provocations Harry - but don't relax too much in your retirement home - the public you despise will not forget what a scumbag you have been.

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Morris Hickey says...
1:17pm Sat 18 Jul 09

Harry's clearly a merchant banker in his own right.

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inézc says...
2:14pm Sat 18 Jul 09

If anybody knows about fiddling and accountability Harry does! How to get away with one and how to avoid the other!

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mdj says...
2:01pm Sun 19 Jul 09

Did Mr C not notice that 12 years ago his hero Mr Brown removed the previous governance structure of the banking system, which attracted to London all the dodgier outfits and get-rich scams from the better-regulated USA? The world financial crisis first erupted in American firms, but from London. Did he not notice also that British building societies and banks were offering 120% mortgages? Did he never think that offering tax-free capital gains on a dwelling might tempt people to duck and dive as to which dwelling was really their first home? As a far-sighted legislator he would want to discourage irresponsible and greedy people from exploiting such loopholes, surely?Perhaps his attention was distracted by financial matters closer to home.

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