Iceland Bank Bosses Unfit?
Published / Last Updated on 02/02/2009
Iceland Bank Bosses Unfit?
The former head of Singer and Friedlander (S&F), Tony Shearer, has told an MP’s Treasury Select Committee that he warned the UK regulator, the Financial Services Authority, as long as ago as 2005 that he felt that the management team of Kaupthing Bank, who took over S&F to become Kaupthing Singer & Friedlander, were not ‘fit and proper’ to run a bank.
Being ‘fit and proper’ is a regulator term and part of the FSA’s rulebook on the standards and codes of practice for all financial services companies.
He suggested that the Kaupthing Directors has borrowed £19m to buy their own banks shares despite being only on short term 4 year contracts and that this to him, was strange.
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