One in 10 scraps bid for top UK bank job as vetting gets tougher

London

MORE than one in 10 people picked for the top jobs in British finance pull out during a regulatory vetting process which has got tougher since the financial crisis. People put forward for chief executive, chairman and for a handful of other senior roles in banking now face a more gruelling interview by British financial watchdogs.

This increased scrutiny also follows weaknesses in vetting exposed by problems at the Co-Op Bank, where the former chairman, Paul Flowers, was waved through in 2010 despite disclosing a criminal conviction and later showing little knowledge of banking.