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UK regulators to investigate Co-op bank leaders
UK regulators to investigate Co-operative Bank and its senior managers
Associated Press
2014-01-06 11:22 PM

LONDON (AP) -- British regulators will investigate the troubled Co-operative Bank, whose former chairman was filmed allegedly buying drugs in a sting by a tabloid newspaper.

Both the Prudential Regulation Authority and the Financial Conduct Authority launched probes on Monday amid public questions as how Paul Flowers, a Methodist minister who led the bank for three years, got the job in the first place.

The Mail on Sunday's video was allegedly shot just days after he testified before a parliamentary committee on the bank's disastrous financial performance. Flowers failed to answer some of the committee's basic questions about his own bank.

The PRA is responsible for the safety and soundness of banks and, as a consequence, whether or not people are qualified to take a leading role.

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