Gina Miller calls for independent review of Andrew Bailey

Jessica Nangle

February 26, 2020

Activist Gina Miller (pictured) is leading a campaign demanding Chancellor Rishi Sunak launch an independent review into Andrew Bailey’s recent appointment as the Governor of the Bank of England as reported in The Guardian.

The campaign group, led by Miller and her husband Alan Miller, is claiming Bailey’s time as chief executive of the FCA, was characterised by a “toxic cocktail of negilgence, incompetence and indifference”.

The Guardian has reported that the group has written to Sunak and head of the Treasury Select Committee Mel Stride stating that Bailey must answer questions over a number of scandals.

Miller said a report compiled by the ‘True and Fair Campaign’ was a “damning dossier” on Bailey’s track record and raised questions over his suitability to be Governor.

Alleged failures in the report include a lack of sufficient regulation around peer-to-peer platforms such as Lendy which collapsed in 2019.

Miller said the campaign group will launch an online petition and tweeted thanks to a variety of supporters including former leader of the Liberal Democrats Vince Cable and Shadow Chancellor John McDonnell.

Bailey was appointed as Governor of the Bank of England in December 2019 and is due to begin the role on the 16 March.

According to The Guardian, Shadow Chancellor John McDonnell said of the report: “This report reinforces that we were right to call on the last chancellor on several occasions to postpone the installation of Andrew Bailey in office as governor until there had been an independent review of his role at the FCA.”

Miller said: “Were Bailey to be confirmed in this highly responsible and prominent role, it would be a gross betrayal of the government’s duty to protect consumers and a textbook example of rewarding failure.

“But it also raises questions about the culture of the FCA under Mr Bailey.”

An FCA spokeswoman told The Guardian that the regulator rejected Miller’s claims, saying they contained a number of inaccuracies: “We have disagreed with the Millers on numerous issues relating to the investment industry, and our oversight of it, over recent years and we note their previous calls on Andrew to resign.

“This is just another example.”

The Treasury has also defended Bailey’s appointment, claiming that Bailey will deliver “experienced, credible leadership” and that “his record speaks for itself”.

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