MPs tell government to reconsider how it appoints OTS chair

MPs tell government to reconsider how it appoints OTS chair

MPs endorse appointment of new OTS chair but raise concerns over 'defective' appointment process

MPs have endorsed the appointment of Angela Knight as the new chair of the OTS but expressed concerns over her leadership and the way in which she was appointed.

In a report published by the influential Treasury Select Committee, MPs expressed concerns about Knight’s leadership, based on her role as the former chief executive of lobby group the British Bankers’ Association.

The report comes less than two weeks after Knight was grilled by the committee over her appointment, with some members suggesting that she has a “credibility issue” following her time at the BBA during the Libor fixing scandal.

The committee said it has concerns about Knight’s personal independence from the Treasury and that her appointment by the chancellor without any reference to Parliament “does not adequately entrench the independence of the OTS’ chair”.

It said the government should introduce a “double lock”, similar to the one set out in the Budget Responsibility and National Audit Act 2011, to safeguard the independence of the post.

As well as serving as OTS chair on a part-time basis, Knight also holds a number of directorships and advisory roles at various companies, including Transport For London, causing the committee to fear that she may not have enough time to carry out her responsibilities as chair.

“These concerns are not insuperable. People should not be barred from public office simply because they had the courage to take on the challenges of a difficult job in the past,” the committee said.

“The committee recommends that Ms Knight, acting on independent advice, should recuse herself from any specific OTS board consideration of issues which might be held to create a conflict of interests with her other activities, and that OTS board minutes should record this and be available for public scrutiny.

“Notwithstanding its reservations based on the evidence it heard, the committee is content to endorse Ms Knight’s appointment.”

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

Professional Services Why Professional Services Firms Should Ditch Folders and Embrace Metadata

4m

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

8m

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine

Accounting Firms Turn Accounts Payable into a value-engine

3m

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021

Making Tax Digital Digital Links: A guide to MTD in 2021

4m

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource