Found: One of Lord Myners’ major concerns was the limited scope within the business models of “professional

Found: That the following written evidence be reported to the House for publication: Correspondence from Lord

Found: We held oral evidence sessions with the following witnesses: Ł 28 April 2021: Lord Myners CBE; Lord

Found: PQ HL16211 19 June A Reuters article quotes Lord Myners as saying that fiThe FCA Reuters2Restricted: For

Found: At the same time, Lord Myners was asking questions in the House of Lords about the Greensill business

Found: Q501Siobhain McDonagh: Lord Myners could be correct.

Found: Then Lord Myners asked several questions in 2019, which the FCA knew about, where he highlighted what

Found: meeting request Correspondence 2: Initial meeting arrangem ents Correspondence 3: Lord Myners

Found: Lord Myners email to Treasury Committee - 120521 Correspondence

Found: 1 | Page Private and Confidential Lord Myners & Greensill Emails Submitted by Greensill to the

Found: We had parliamentary questions from Lord Myners asking the Government to investigate various aspects

Found: Lord Myners has said that the Greensill scandal is going to lead to a direct cost of about £1 billion

Found: Can I go back to the statement that you read us from Lord Myners?

Found: Lord Macpherson of Earl's Court, Lord Myners, The University of Sheffield, and Qatar Centre for Global

Found: I am quite interested, not least because Lord Myners, for instance, a former City Minister, has taken

• Parliament TV: Watch the evidence session on the Co-op Governance Review

Witness

Wednesday 7 May, 3.15pm (approx)

• Lord Myners, Leader of the review into the Co-op’s governance

Chair's comments

The Chairman of the Treasury Committee, Andrew Tyrie MP, said:

"Sir Christopher’s findings are shocking, but not surprising. It was already clear from evidence to the Committee that there was something seriously amiss with governance at the Co-op. Governance matters. Co-op’s six million members have been the losers.

We will be taking more evidence on Co-op governance from Lord Myners next week.”

• The Kelly Review: final report
• Treasury Select Committee

Further information

• The Kelly Review: final report
• About Parliament: Select Committees

Oral evidence

The Committee arranged the following oral evidence sessions as part of this inquiry:

Tuesday 3 November

Dr Kern Alexander, Senior Research Fellow, CFAP, Cambridge University, Dr Jon Danielsson, Department of Finance, London School of Economics, and Richard Portes CBE, Professor of Finance, London Business School; Stuart Popham, Senior Partner, Clifford Chance LLP, Simon Gleeson, Partner, Clifford Chance LLP, and Barbara Ridpath, Chief Executive, International Centre for Financial Regulation

Wednesday 4 November

Lord Myners, Financial Services Secretary, HM Treasury

Report and oral and written evidence | Government response | Press Notice | Terms of reference

Oral evidence

As part of this inquiry the Committee arranged the following evidence sessions. To access the transcript of these sessions please click on the above link.

Tuesday 30 June 2009 - Consumer Groups and Trade Organisations

Witnesses: Ms Kay Boycott, Director of Communications, Policy and Campaigns, Shelter; Ms Sue Edwards, Head of Consumer Policy, Citizens Advice Bureau; and Mr Dominic Lindley, Principal Policy Adviser, Which?; and Ms Jackie Bennett, Head of Policy, Council of Mortgage Lenders; Mr Eric Leenders, Executive Director - Retail Banking, British Bankers Association; Mr Adrian Coles, Director-General, Building Societies Association; Mr Peter Williams, Deputy Director-General, Intermediary Mortgage Lenders Association; and Mr John Socha, Vice-Chairman, National Landlords Association

Tuesday 7 July, 9.45am- FSA/Government

Witnesses: Jon Pain, Managing Director, Retail Markets, and Leslie Titcomb, Sector Leader, Retail Intermediaries and Mortgages, FSA; Lord Myners CBE, Financial Services Secretary to the Treasury, and Rt Hon John Healey MP, Minister for Housing (at 10.30am)

• First report - Banking Crisis: The impact of the failure of the Icelandic banks, published on Saturday 4 April 2009.

Press Notice | Gov and FSA responses to Report

• Second report - Banking Crisis: dealing with the failure of the UK banks, published on Friday 1 May 2009.

Press Notice | Gov, UKFI and FSA responses to Report

• Third report - Banking Crisis: reforming corporate governance and pay in the City, published on Friday 15 May 2009.

Press Notice | Gov, UKFI and FSA responses to Report

• Fourth report - Banking Crisis: regulation and supervision, published on Friday 31 July 2009.

Press Notice | Gov and FSA response

WRITTEN EVIDENCE

The Committee received a significant amount of written evidence as part of this inquiry. The written evidence has been published as volumes II and III.

Volume II | Volume III

Volume III contains documents [previously published on this site] relating to pension arrangements at RBS and Lloyds Banking Group.

ORAL EVIDENCE

As part of the inquiry the Committee held 17 oral evidence sessions. Details of the witnesses who gave evidence are outlined below.

Please use this link to access the transcripts of these sessions

Monday 3 November 2008 - Tripartite authorities

Witnesses: The Rt Hon Alistair Darling MP , Chancellor of the Exchequer, Mervyn King , Governor of the Bank of England, Lord Turner of Ecchinswell , Chairman of the Financial Services Authority

Tuesday 11 November 2008 - Fair value accounting and accounting standards

Witnesses: Paul Chisnall, Executive Director of Financial Policy & Operations, British Bankers' Association, Russell Picot, Member, BBA Financial Reporting Advisory Panel, Stephen Haddrill, Director General, Association of British Insurers, Liz Murrall, Director, Investment Management Association, Charles Cronin, Head, Chartered Financial Analyst Institute Centre, Sir David Tweedie, Chairman, International Accounting Standards Board, Paul Boyle, Chief Executive, Financial Reporting Council, Michael Izza, Chief Executive, Institute of Chartered Accountants in England & Wales

Tuesday 18 November 2008 - Nationalised Banks

Witnesses: Richard Pym, Chief Executive, Bradford and Bingley, and Rod Kent, Chairman, Bradford and Bingley; Gary Hoffman, Chief Executive Officer, Northern Rock, and Ron Sandler CBE, Non-Executive Chairman, Northern Rock (at 10.30 am)

Wednesday 19 November 2008 - Incentive structures

Witnesses: Carol Arrowsmith, Partner at Deloitte, Ronnie Fox, Principal of Fox Law Firm, Peter Hahn, FME Fellow, Corporate Finance and Governance, Sir John Cass Business School, Charles Cotton, Reward Advisor, Chartered institute for Personnel and Development (CIPD), Brendan Barber, Secretary-General, TUC, Peter Montagnon, Director of Investment Affairs, ABI, Jonathon Taylor, LIBA, Miles Templeman, Director-General, IOD

Tuesday 13 January 2009 - Experts

Witnesses: Prof Willem Buiter, London School of Economics and Political Science, Prof Charles Goodhart, London School of Economics and Political Science, and Dr Jon Danielsson, London School of Economics and Political Science; Will Hutton, The Work Foundation, Richard Lambert, CBI, and Jon Moulton, Alchemy Partners

Wednesday 14 January 2009 - Consumer Issues

Witnesses: Doug Taylor, Personal Finances Campaign Manager, Which?, Peter Tutton, Senior Policy Officer, Citizens Advice, and Andrew Cave, Head of Policy, Federation of Small Businesses; and Michael Coogan, Director General, Council of Mortgage Lenders, Stephen Sklaroff, Director General, Finance and Leasing Association, Angela Knight, Chief Executive, British Bankers’ Association

Tuesday 27 January 2009 - Hedge Funds and Investor groups

Witnesses: Andrew Baker, Alternative Investment Managers Association (AIMA), Douglas Shaw, Black Rock, Paul Marshall, Marshall Wace LLP, Chris Hohn, The Children's Investment Fund (TCI), and Stephen Zimmerman, NewSmith Capital Partners; and Peter Chambers, Legal & General Investment Management, Alan Grisay, F & C Investments, Richard Saunders, Investment Managers Association (IMA), Peter Montagnon, Association of British Insurers (ABI), David Pitt-Watson, Hermes, and Mr Antonio Borges, Hedge Fund Standards Board

Wednesday 28 January 2009 - Auditors and Credit Rating Agencies

Witnesses: Robert Hodgkinson, Institute of Chartered Accountants in England & Wales, Helen Brand, Association of Chartered Certified Accountants, Paul Boyle, Financial Reporting Council, Prof Prem Sikka, University of Essex, and Prof Michael Power, London School of Economics; John Hitchins, PwC, Brendan Nelson, KPMG, and Jonathan Hayward, Independent Audit; Moody's, Standard & Poor's, and Fitch Ratings

Tuesday 3 February 2009 - The protection of UK citizens investing funds in non-UK jurisdictions

Witnesses: Ziggy Sieczko, KSFIOM Action Group, Neil Dickens, Landsbanki Guernsey Depositors’ Action Group, Chris Cummings, Director General, Association of Independent Advisers (AIFA), Councillor Richard Kemp, Vice-Chairman, Local Government Association, and Dr John Low, Chief Executive, Charities Aid Foundation; Tony Shearer, former Chief Executive of Singer and Friedlander Group Plc; Hon Tony Brown MHK, Chief Minister, and Mark Shimmin, Chief Financial Officer, Isle of Man, and John Aspden, Isle of Man Financial Supervision Commission, Lyndon Trott, Chief Minister, States of Guernsey, and Peter Neville, Director General of the Guernsey Financial Services Commission

Wednesday 4 February 2009 - The role of the media/Building Societies

Witnesses: Lionel Barber, Financial Times, Alex Brummer, Daily Mail, Simon Jenkins, Guardian, and Robert Peston, BBC

Witnesses: Graham Beale, Chief Executive, Nationwide, Adrian Coles, Director General, Building Societies Association , Iain Cornish, Chief Executive, Yorkshire Building Society, and Neville Richardson, Chief Executive, Britannia Building Society

Tuesday 10 February 2009 - Former bank executives

Witnesses: Sir Tom McKillop, former Chairman of RBS Group plc, Sir Fred Goodwin, former Chief Executive of RBS Group plc, Lord Stevenson of Coddenham, a Member of the House of Lords, former Chairman of HBOS plc and Mr Andy Hornby, former Chief Executive of HBOS plc

Wednesday 11 February 2009 - Current bank executives

Witnesses: Eric Daniels, Group Chief Executive, Lloyds Banking Group, John Varley, Group Chief Executive, Barclays, Stephen Hester Group Chief Executive, Royal Bank of Scotland, Antonio Horta-Osorio, Chief Executive, Abbey Bank, and Paul Thurston, HSBC UK Managing Director

Wednesday 25 February 2009 - FSA/FSCS

Witnesses: Lord Turner, Chairman, and Hector Sants, Chief Executive, Financial Services Authority, and Loretta Minghella, Chief Executive, Financial Services Compensation Scheme

Thursday 26 February 2009 - Bank of England

Witnesses: Mr Mervyn King, Governor, Mr Paul Tucker, Deputy Governor elect for Financial Stability, Mr Andy Haldane, Executive Director, Financial Stability, and Mr Andrew Bailey, Executive Director, Banking & Chief Cashier, Bank of England

Tuesday 3 March 2009 - UKFI

Witnesses: Mr Glen Moreno, Acting Chairman, and Mr John Kingman, Chief Executive, UK Financial Investments Limited (UKFI)

Tuesday 17 March 2009- Lord Myners

Witnesses: Lord Myners CBE, a Member of the House of Lords, Financial Services Secretary to the Treasury, Ms Mridul Hegde, Director of Financial Services, and Mr Nikhil Rathi, Team Leader, Financial Stability Team, HM Treasury.

Thursday 19 March 2009 - Chancellor

Witnesses: Rt Hon Mr Alistair Darling, MP, Chancellor of the Exchequer, Dave Ramsden, Chief Economist, Tom Scholar, Managing Director, International and Finance, and Nikhil Rathi, Team Leader, Financial Stability, HM Treasury

Question to the HM Treasury:

To ask His Majesty's Government whether the recommendations of Lord Myners published in March 2001 in Institutional Investment in the United Kingdom: A Review will form part of their growth and productivity plans.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

Institutional investment is vital for growth, and investment in starts ups and scale ups is an important part of that. The Myners Report contains valuable insights that are still valuable today. However, the pensions market in particular is now significantly different than it was in 2001. The Chancellor has launched a landmark pensions review which will focus on increasing investment, improving saver returns and tackling waste in the pensions system. This is alongside other major initiatives to drive economic growth such as the National Wealth Fund to mobilise private capital and institutional investment.