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Former SNP MP applies for FCA chairman job

Former SNP MP applies for FCA chairman job

Former Scottish National Party MP George Kerevan, has announced that he has thrown his name into the hat to be the next chairman of the Financial Conduct Authority.

The former MP for East Lothian, ousted in June's snap general election, has also vowed only to accept 'normal working expenses', refusing the £193,000 salary paid to John Griffith-Jones, who he hopes to succeed.

Kerevan was speaking in support of a resolution, eventually passed by party members, to call for an urgent government review of the Bank of England to ensure that Scotland has a more effective role.

The proposal stated: 'There remains no requirement for the Bank to engage formally with the Scottish Government on the specific dynamics of the Scottish economy which demand their own unique policy responses.

'Similarly there is no obligation on the Bank to ensure Scottish representation on any of the key committees of the Bank, including the crucially important Monetary Policy Committee.

'Such lack of representation has failed to recognise the enormous importance of political devolution across the UK. As exit from the EU looms, the Bank of England must fundamentally change the way in which it operates.'

Kerevan said he hoped that, if successful, his presence at the helm of the regulator could help ensure that the UK's financial and regulatory systems give greater consideration to Scottish interests.

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