Watchdog Lifts Lid on Shadowy Bank Umbrella Body UKFI

A parliamentary watchdog lifted the lid yesterday on the shadowy government organisation that will manage taxpayer-owned stakes in British banks.

The chairman and chief executive of UK Financial Investments (UKFI) told the Commons Treasury Select Committee that the banks’ umbrella body operates from a small room in a Treasury building in Westminster with no more than a dozen employees.

Glen Moreno, UKFI’s acting chairman, who is also the chairman of Pearson, the media business, said: “This company operates in a room smaller than a bank chief executive’s office. Its chief executive makes less — if the press is to believed — than John Thain’s [former chairman of investment bank Merrill Lynch] chauffeur did last year.”

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Glen Morino, Chairman of Pearsons Media Group, who sits on its board of Directors alongside David Bell of the Financial times and Chairman of Common Purpose International, and many other 'Banking Directors'

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