Paul Flowers was the right choice for Co-operative Bank, says Adamson

Clive AdamsonClive Adamson, who had led a panel to approve the appointment of Paul Flowers as chairman of the beleaguered Co-operative Bank, has said that the appointment was not a mistake and he was the right choice for the bank. Mr Adamson, was working as a senior regulator at the Financial Services Authority had appointed the Rev Flowers as the head of the troubled bank.

Adamson, who is now working as the director of supervision at the Financial Conduct Authority, had approved the appointment after an interview with Flowers. He told MPs that the decision was right and he stands by the decision. Mr Flowers is a Methodist minister who did not have any banking experience at the time of his appointment as the head of the bank.

George Osborne, the Chancellor of the UK, has announced an independent investigation into the bank. The investigation was announced as former chairman Paul Flowers continues to face a connection with a drug supply investigation. The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have also indicated that they are considering if to launch a formal enforcement investigations into the bank. Flowers had been bailed after being arrested by the West Yorkshire police officers in the Merseyside area in November.