Banking chiefs to give evidence in second phase of inquiry into financial services sector


Senior figures from some of Scotland’s largest financial institutions will appear before the Parliament’s Economy, Energy and Tourism Committee, for the second phase of its inquiry into the way forward for Scotland’s banking, building society and financial services sector, it was confirmed today.

The committee will take evidence from key figures including:

  • Stephen Hester, Chief Executive of the Royal Bank of Scotland
  • Archie Kane, Executive Director of Lloyds Banking Group
  • David Thorburn, Executive Director and Chief Operating Officer of Clydesdale Bank.

Representatives from UK Financial Investments – the organisation representing the interests of the UK Government on the boards of RBS and Lloyds – the Office of Fair Trading, the Financial Services Authority and the European Commission will also provide evidence for the inquiry.

The committee will also hold informal meetings with Scottish businesses to discuss issues surrounding access to credit.

Committee Convener Iain Smith MSP said: “The committee is entering the second phase of its inquiry only a matter of days after it emerged that the UK is still in recession. This is the first time since records began that GDP has dropped for a sixth successive quarter and it is clear that the economic difficulties experienced in recent months are far from over for Scotland.

"Against this backdrop, the committee looks forward to hearing from key senior figures from high-profile financial institutions such as HSBC, Clydesdale Bank, Standard Life, Nationwide, Lloyds Banking Group and the Royal Bank of Scotland.

"John McFall MP, chair of the Treasury Select Committee, and Gillian Tett of the Financial Times, will provide a broader perspective on the banking crisis and the regulation of the financial services sector. We also await with interest the evidence from representatives of the European Commission, the Financial Services Authority and the Office of Fair Trading.”

Background information
The committee inquiry, which began in September, is assessing the effects of the crisis in the banking sector, the impact of this and the wider recession on Scotland’s economy, and the actions required to meet future economic challenges.

In particular the committee is focusing on:

  • the changes which can be expected in Scotland’s financial services sector
  • the likely effects these will have on business and retail banking
  • how competitive the banking sector will be in Scotland in the future
  • how restructuring plans will affect jobs in Scotland
  • the role of the public sector in dealing with the financial crisis
  • how Scotland retains a global perspective and attracts new investment into the country.

Further information
The timetable and witness details for the second stage of the Economy, Energy and Tourism Committee banking inquiry are as follows:

4 November
Clive Maxwell, Director of Services at the Office of Fair Trading
Alistair Mordaunt, Director of Mergers at the Office of Fair Trading

11 November
Tony Prestedge, Group Development Director at Nationwide Building Society
Alison Robb, Divisional Director of Group Strategy and Planning at Nationwide Building Society
Rudolf Heaf, Interim Managing Director at Nationwide Building Society

Jeremy Peat, Director at the David Hume Institute

18 November
Michael Kirkwood, Board Member at UK Financial Investments
Sam Woods, Chief Operating Officer at UK Financial Investments
John Compton, Head of Market Investments at UK Financial Investments

Irmfried Schwimann, Director for Markets and Cases III – Financial Services, European Commission

25 November
Stephen Hester, Chief Executive at the Royal Bank of Scotland

Gillian Tett, Assistant Editor at the Financial Times

2 December
Archie Kane, Group Executive Director at Lloyds Banking Group

9 December
Jon Pain, Managing Director of Supervisions at the Financial Services Authority


16 December
David Thorburn, Executive Director and Chief Operating Officer at Clydesdale Bank

Tesco Bank

6 January 2010
Rt Hon John McFall MP, Chairman, Treasury Select Committee, House of Commons

13 January
Standard Life

27 January

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