This is a House of Commons Committee report.
Appointment of Liz Oakes to the Financial Policy Committee
Date Published: 22 May 2024
1. Liz Oakes was appointed an external member of the Financial Policy Committee (FPC) by the Chancellor on 25 April 2024 and is due to start the role on 3 June 2024.1
2. We took evidence from Liz Oakes on 21 May 2024. She provided a full CV and answered our questionnaire prior to giving oral evidence. We thank her for her evidence, which has been published on the Treasury Committee website.
3. In this Report, we have considered the suitability of Liz Oakes against two criteria—whether she has the personal independence and appropriate professional competence to undertake the role of an external member of the FPC.
4. Ms Oakes joins the FPC following a long career in the financial services sector, focussed on payments. She has held a number of executive and board level roles in financial and professional services firms, including global positions leading strategy, market and product development. For example, from February 2021 to March 2023, she was Executive Vice President at Mastercard Send.
5. Her main outside interests are that she currently serves as an independent non-executive director on the boards of the e-commerce payment businesses of the private equity investor, Advent International. Specifically, she sits on the boards of Advent International Stargate SAS (a holding company) and Mangopay SA, both incorporated in Luxembourg. Advent International, has a majority shareholding in Mangopay, which handles online payments for a wide range of platforms, primarily in the EU.
6. In oral evidence, we questioned Ms Oakes about her personal suitability for the post and the UK’s financial stability. Topics covered during the session included:
7. We are satisfied that Liz Oakes has the appropriate professional competence and personal independence to undertake the role of external member of the Financial Policy Committee. We wish her every success.
8. However, we regret that Ms Oakes is unable to contribute to the Financial Policy Committee on payments, an area in which she has significant expertise. The Treasury and the Bank should consider how the appointment and the recusal processes works for future external appointments.
Dame Harriett Baldwin, in the Chair
Dr Thérèse Coffey
Samantha Dixon
Dame Angela Eagle
Stephen Hammond
Danny Kruger
Draft Report (The appointment of Liz Oakes to the Financial Policy Committee), proposed by the Chair, brought up and read.
Ordered, That the Report be read a second time, paragraph by paragraph.
Paragraphs 1 to 8 read and agreed to.
Resolved, That the Report be the Ninth Report of the Committee to the House.
Ordered, That the Chair make the Report to the House.
Ordered, That embargoed copies of the Report be made available, in accordance with the provisions of Standing Order No. 134.
Adjourned till Wednesday 22 May at 2.00 pm.
The following written evidence was received and can be viewed on the inquiry publications page of the Committee’s website.
APL numbers are generated by the evidence processing system and so may not be complete.
1 Liz Oakes (APL0001)
2 Liz Oakes (APL0002)
All publications from the Committee are available on the publications page of the Committee’s website.
Number |
Title |
Reference |
1st |
The digital pound: still a solution in search of a problem? |
HC 215 |
2nd |
Edinburgh Reforms One Year On: Has Anything Changed? |
HC 221 |
3rd |
Appointment of Nathanaël Benjamin to the Financial Policy Committee |
HC 443 |
4th |
The work of the Sub-Committee on Financial Services Regulations: January 2024 |
HC 496 |
5th |
Quantitative Tightening |
HC 219 |
6th |
Sexism in the city |
HC 240 |
7th |
Appointment of Clare Lombardelli as Deputy Governor for Monetary Policy, Bank of England |
HC 687 |
8th |
SME Finance |
HC 27 |
1st Special |
The Digital Pound: A solution in search of a problem?: Government and Bank of England Response to the Committee’s First Report |
HC 535 |
2nd Special |
Edinburgh Reforms One Year On: Has Anything Changed? Government Response to the Committee’s Second Report |
HC 585 |
3rd Special |
Quantitative Tightening: Government, Bank of England and Debt Management Office Reponses to the Committee’s Fifth Report |
HC 688 |
4th Special |
Edinburgh Reforms One Year On: Has Anything Changed?: Further Government Response to the Committees Second Report Fourth |
HC 723 |
5th Special |
Sexism in the City: HM Treasury, Prudential Regulation Authority and Financial Conduct Authority Responses to the Committee’s Sixth Report |
HC 764 |
Number |
Title |
Reference |
1st |
Future of financial services regulation |
HC 141 |
2nd |
Future Parliamentary scrutiny of financial services regulations |
HC 394 |
3rd |
The appointment of Dr Swati Dhingra to the Monetary Policy Committee |
HC 460 |
4th |
Jobs, growth and productivity after coronavirus |
HC 139 |
5th |
Appointment of Marjorie Ngwenya to the Prudential Regulation Committee |
HC 461 |
6th |
Appointment of David Roberts as Chair of Court, Bank of England |
HC 784 |
7th |
Re-appointment of Sir Dave Ramsden as Deputy Governor for Markets and Banking, Bank of England |
HC 785 |
8th |
Autumn Statement 2022 – Cost of living payments |
HC 740 |
9th |
Appointment of Ashley Alder as Chair of the Financial Conduct Authority |
HC 786 |
10th |
The work of the Sub-Committee on Financial Services Regulations |
HC 952 |
11th |
Fuel Duty: Fiscal forecast fiction |
HC 783 |
12th |
Appointment of Professor Randall Kroszner to the Financial Policy Committee |
HC 1029 |
13th |
Scam reimbursement: pushing for a better solution |
HC 939 |
14th |
The work of the Sub-Committee on Financial Services Regulations |
HC 952-i |
15th |
Regulating Crypto |
HC 615 |
16th |
Tax Simplification |
HC 723 |
17th |
The appointment of Megan Greene to the Monetary Policy Committee |
HC 1395 |
18th |
The work of the Sub- Committee on Financial Services Regulations |
HC 952-ii |
19th |
The venture capital market |
HC 134 |
20th |
Tax Reliefs |
HC 723 |
1st Special |
Defeating Putin: the development,implementation and impact of economic sanctions on Russia: Government Response to the Committee’s Twelfth Report of Session 2021–22 |
HC 321 |
2nd Special |
Future of financial services regulation: responses to the Committee’s First Report |
HC 690 |
3rd Special |
Jobs, growth and productivity after coronavirus: Government response to the Committee’s Fourth Report |
HC 861 |
4th Special |
Autumn Statement 2022 – Cost of living payments: Government response to the Committee’s Eighth Report |
HC 1166 |
5th Special |
Fuel Duty: Fiscal forecast fiction: Government response to the Committee’s Eleventh Report |
HC 1242 |
6th Special |
Scam reimbursement: pushing for a better solution: Payment Systems Regulator’s response to the Committee’s Thirteenth Report |
HC 1500 |
7th Special |
Regulating Crypto: Government Response to the Committee’s Fifteenth Report |
HC 1752 |
8th Special |
Tax Reliefs: Government Response to the Committee’s Twentieth Report |
HC 1875 |
9th Special |
Venture Capital: Government Response to the Committee’s Nineteenth Report of Session 2022–23 |
HC 1876 |
Number |
Title |
Reference |
1st |
Tax after coronavirus: the Government’s response |
HC 144 |
2nd |
The appointment of Tanya Castell to the Prudential Regulation Committee |
HC 308 |
3rd |
The appointment of Carolyn Wilkins to the Financial Policy Committee |
HC 307 |
4th |
The Financial Conduct Authority’s Regulation of London Capital & Finance plc |
HC 149 |
5th |
The Future Framework for Regulation of Financial Services |
HC 147 |
6th |
Lessons from Greensill Capital |
HC 151 |
7th |
Appointment of Sarah Breeden to the Financial Policy Committee |
HC 571 |
8th |
The appointment of Dr Catherine L. Mann to the Monetary Policy Committee |
HC 572 |
9th |
The appointment of Professor David Miles to the Budget Responsibility Committee of the Office for Budget Responsibility |
HC 966 |
10th |
Autumn Budget and Spending Review 2021 |
HC 825 |
11th |
Economic crime |
HC 145 |
12th |
Defeating Putin: the development, implementation and impact of economic sanctions on Russia |
HC 1186 |
1st Special |
Net Zero and the Future of Green Finance: Responses to the Committee’s Thirteenth Report of Session 2019–21 |
HC 576 |
2nd Special |
The Financial Conduct Authority’s Regulation of London Capital & Finance plc: responses to the Committee’s Fourth Report of Session 2021–22 |
HC 700 |
3rd Special |
Tax after coronavirus: response to the Committee’s First Report of Session 2021–22 |
HC 701 |
4th Special |
The Future Framework for Regulation of Financial Services: Responses to the Committee’s Fifth Report |
HC 709 |
5th Special |
Lessons from Greensill Capital: Responses to the Committee’s Sixth Report of Session 2021–22 |
HC 723 |
6th Special |
The appointment of Professor David Miles to the Budget Responsibility Committee of the Office for Budget Responsibility: Government response to the Committee’s Ninth Report |
HC 1184 |
7th Special |
Autumn Budget and Spending Review 2021: Government Response to the Committee’s Tenth Report |
HC 1175 |
8th Special |
Economic Crime: responses to the Committee’s Eleventh Report |
HC 1261 |
Number |
Title |
Reference |
1st |
Appointment of Andrew Bailey as Governor of the Bank of England |
HC 122 |
2nd |
Economic impact of coronavirus: Gaps in support |
HC 454 |
3rd |
Appointment of Richard Hughes as the Chair of the Office for Budget Responsibility |
HC 618 |
4th |
Appointment of Jonathan Hall to the Financial Policy Committee |
HC 621 |
5th |
Reappointment of Andy Haldane to the Monetary Policy Committee |
HC 620 |
6th |
Reappointment of Professor Silvana Tenreyro to the Monetary Policy Committee |
HC 619 |
7th |
Appointment of Nikhil Rathi as Chief Executive of the Financial Conduct Authority |
HC 622 |
8th |
Economic impact of coronavirus: the challenges of recovery |
HC 271 |
9th |
The appointment of John Taylor to the Prudential Regulation Committee |
HC 1132 |
10th |
The appointment of Antony Jenkins to the Prudential Regulation Committee |
HC 1157 |
11th |
Economic impact of coronavirus: gaps in support and economic analysis |
HC 882 |
12th |
Tax after coronavirus |
HC 664 |
13th |
Net zero and the Future of Green Finance |
HC 147 |
1st Special |
IT failures in the financial services sector: Government and Regulators Responses to the Committee’s Second Report of Session 2019 |
HC 114 |
2nd Special |
Economic Crime: Consumer View: Government and Regulators’ Responses to Committee’s Third Report of Session 2019 |
HC 91 |
3rd Special |
Economic impact of coronavirus: Gaps in support: Government Response to the Committee’s Second Report |
HC 662 |
4th Special |
Economic impact of coronavirus: Gaps in support: Further Government Response |
HC 749 |
5th Special |
Economic impact of coronavirus: the challenges of recovery: Government Response to the Committee’s Eighth Report |
HC 999 |
6th Special |
Economic impact of coronavirus: gaps in support and economic analysis: Government Response to the Committee’s Eleventh Report |
HC 1383 |
1 HM Treasury, Liz Oakes and Carolyn Wilkins reappointed to the Financial Policy Committee, 25 April 2024