Background
On 6 March 2018, the Economic Secretary to the Treasury, John Glen MP, announced an independent review into the prudential supervision of the Co-operative Bank between 2008 and 2013.
The independent review considers the supervision of the bank during a significant period for the firm, including its withdrawal from the bidding process to purchase 632 bank branches from Lloyds Banking Group in 2013, to understand what lessons can be learned.
Also on 6 March 2018, the Economic Secretary to the Treasury approved the Prudential Regulation Authority’s appointment of Mark Zelmer to carry out the Independent review.