Mortgage News
Investigator reviewing PRA regulation of Co-op Bank being paid £1,500 per day
The man investigating the actions of prudential regulators during the near collapse of the Co-operative Bank is being paid £1,500 per day plus expenses.
Mark Zelmer was appointed in March to conduct the independent review which will examine regulatory supervision of the Co-operative Bank during the significant five-year period of 2008 to 2013.
A protocol for the investigation has also been published and Zelmer has appointed Grant Thornton to support his work.
As part of the protocol, the Prudential Regulation Authority (PRA) has promised that any documents which it holds requested by Zelmer will not be withheld, however it noted that agreement to any meetings by current or former staff would be voluntary.
The review terms also require that any individuals, groups of people or organisations to be criticised in the final report must be given a reasonable opportunity to respond before the final report.
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£1,500 per day
In an update letter sent to the economic secretary to the treasury, PRA senior responsible officer Norval Bryson explained how the regulator would co-operate with the review.
“The PRA will ensure that Mr Zelmer has access to any additional external support and the resources that he requires in order to conduct the independent review,” he said.
“Mr Zelmer is being paid at a rate of £1,500 per day spent on the review, plus expenses.
“We have now agreed a protocol for the conduct of the inquiry with Mr Zelmer, the FCA (Financial Conduct Authority) and HMT (HM Treasury) and I am grateful for the input of your officials to its preparation,” he added.