Independent inquiry into Co-op Bank ordered by Treasury

LONDON Fri Nov 22, 2013 6:52pm GMT

1 of 2. A woman walks past a branch of the Co-operative Bank in central London May 10, 2013.

Credit: Reuters/Toby Melville

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LONDON (Reuters) - Chancellor George Osborne ordered an independent inquiry into Co-op Bank on Friday, with regulators also considering enforcement action against the lender.

The investigation has been jointly agreed with the Prudential Regulation Authority and the Financial Conduct Authority, the Treasury said in a statement on Friday.

"It will be led by an independent person appointed by the regulators, with the approval of the Treasury," the finance ministry said.

The investigation won't start until it is clear it will not prejudice any actions the two regulators may take, it added.

(Reporting by Huw Jones and Matt Scuffham)

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