A senior City regulator being grilled by a committee of MPs defended his decision to approve the appointment of disgraced former Co-operative Bank chairman Paul Flowers.
Clive Adamson, director of supervision at the Financial Conduct Authority (FCA), insisted he had not made a mistake – despite Mr Flowers later being engulfed in a drugs scandal and being exposed for his lack of banking knowledge.
Mr Adamson said the Methodist minister seemed to be the right person to control the “unruly” board at the bank, repeatedly insisting the decision to approve him was right based on the information at the time. He said that Mr Flowers was “not the same individual” as he seemed at a later meeting before the Treasury Select Committee last year when he appeared unable to answer basic questions about the bank.
Mr Adamson was quizzed by MPs on the same committee about a meeting he and two colleagues at the now-defunct Financial Services Authority held with Mr Flowers ahead of his appointment.
At the meeting, it was agreed two deputies would be needed to assist Mr Flowers as chairman because of his lack of banking knowledge.