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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/business-heavyweights-join-watchdog.jpg"><img class="alignnone size-full" title="Sir Richard Lambert, former director general of the CBI, who will join a watchdog group to avert fresh financial crises" src="http://londonglossy.com/wp-content/uploads/2011/02/min-business-heavyweights-join-watchdog.jpg" alt="Sir Richard Lambert, former director general of the CBI, who will join a watchdog group to avert fresh financial crises"/></a></p>
<p>The former boss of the CBI and an ex-US policymaker are among four business heavy-hitters appointed to a new UK watchdog charged with warding off another financial crisis.</p>
<p>Sir Richard Lambert, who was director general of the CBI until last month, and former US Federal Reserve vice chairman Donald Kohn were named as two of the four external members of the Bank of England&#8217;s interim Financial Policy Committee (FPC).</p>
<p>They are joined by former banker Michael Cohrs, who was joint-head of corporate and investment banking at Deutsche Bank until September, and by Alastair Clark, previously executive director for financial stability at the Bank of England and senior adviser to the Treasury.</p>
<p>It was also revealed that new watchdogs will get powers to ban retail products and warn investors about pending enforcement actions.</p>
<p>Financial secretary to the Treasury Mark Hoban said a planned consumer champion and two other regulators would be strengthened when the Financial Services Authority (FSA) is broken up next year.</p>
<p>The Consumer Protection and Markets Authority &#8211; now to be renamed the Financial Conduct Authority (FCA) &#8211; will be able to ban products or limit their distribution for up to 12 months. </p>
<p>The details were unveiled as part of the Government&#8217;s overhaul of financial regulation, which will see the Bank of England handed greater powers. As well as the FCA, there will also be two new regulators housed in the Bank &#8211; the Prudential Regulatory Authority (PRA) and the FPC.</p>
<p>The PRA will regulate individual banks and insurers. Made up of regulators, central bankers and external experts, the FPC will try to head off credit bubbles and systemic risks to prevent a repeat of the 2008 financial meltdown.</p>
<p>It will be led by Bank Governor Mervyn King, with six internal members from the Bank and FSA and the four external members named. Sir Richard and his three external colleagues will help ensure the FPC has direct market experience. </p>
<p>As well as risk, it will be mandated to consider the effect of its regulatory policies on long-term economic growth.</p>
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