Sir Edward George left his post at the Bank of England last week and Mervyn King was appointed as the new governor. Mr King will be expected to carry on and promote a 'responsible image' for the bank. He is also said to fully support the existing roles for both the Bank of England and the Financial Services Authority as an independent financial watchdog.
Mr King mentioned his concerns about risks for consumers and will be undertaking to help insurance and investment providers clearly define risk. This would make sure that consumers understood and were made aware of the risks involved with financial products. His other concern was the lack of information available to consumers. He felt that this would only increase problems for providers being blamed.
Our View
Whilst we were aware of the change of governor, Mervyn King seems to have the right ideas about the financial world and how consumers should be protected.
We wholeheartedly welcome his views and hope that the new appointment will breathe life into more information and transparency for consumers.