News Column

Banking Accountancy watchdog to chair JPMorgan unit

August 13, 2014


Sir Win Bischoff, chairman of accounting watchdog the Financial Reporting Council, will also become chairman of JPMorgan Chase's European arm from January, the investment bank said yesterday. His appointment to JPMorgan comes at a time when British politicians are keen for the FRC to scrutinise the accounts of banks more closely.

Politicians have questioned regulators over why accountants gave banks a clean bill of health months before they had to be rescued by taxpayers in the 2007-09 financial crisis.

The FRC said the business department, which appointed Bischoff to head the accounting watchdog, was aware at the time that he might take up a post at JPMorgan. That appointment has been approved by the banking sector's two main regulators, the Financial Conduct Authority and the Bank of England'sPrudential Regulation Authority, the FRC said.

Bischoff took up the reins at the FRC this year after stepping down as chairman of Lloyds Bank. He will work about two days a week at JPMorgan and two and a half days at the watchdog.

An FRC spokeswoman said the regulator did not believe there was any conflict of interest. "Potential and actual conflicts of interest are monitored," the spokeswoman said. Reuters

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Source: Guardian (UK)

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