“The man appointed to police Britain’s financial system yesterday admitted using a notorious scheme that helped cut tax bills.
Charles Randell was given the job despite admitting in his Treasury interview that he had been made to pay back £114,000 to the taxman, plus interest.
The scheme he used, Ingenious Film Partners 2, collapsed after an investigation by HMRC.
Grilled by MPs yesterday, the 59-year-old corporate lawyer accepted making a mistake.
Campaigners said Mr Randell’s appointment as the next chairman of the Financial Conduct Authority amounted to ‘self-policing by the financial elite’ – and should be blocked.
Nikki Turner, of the SME Alliance for bank fraud victims, said: ‘If you or I were to try to dodge our taxes for thousands of pounds, sorry wouldn’t be good enough.
‘We need somebody in the post who’s open to seriously trying to resolve the problems with the financial sector.’ Robert Palmer, of Tax Justice UK, added: ‘Charles Randell appears to be someone who is willing to play the system to make himself richer.
‘It can be really tough for someone like that to crack down on abusive banks. This is self-policing by the financial elite.’
The chairman of the FCA is one of the most senior figures in the City.
The role involves overseeing the staff of the regulator, which investigates bad behaviour by thousands of financial institutions, and ensures customers of big firms are treated fairly.
Mr Randell made his name at ‘magic circle’ law firm Slaughter and May as the Government’s top legal adviser on bank rescues during the financial crisis, reportedly earning fees of £500 an hour. It is thought his firm earned as much as £33million. ….”