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Outgoing Lloyds Chairman To Head Uk Accounting Regulator

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The retiring chairman of state-backed Lloyds has been named as the next head of Britain's accounting regulator, days after being drawn into controversy over the bank's handling of the proposed sale of more than 600 branches to the Co-op.

Sir Win Bischoff, 72, will be paid £120,000 a year for two days work a week as chairman of the Financial Reporting Council (FRC) – which has just announced an investigation into the Co-operative Bank's accounts.

The City grandee will take over in May after leaving Lloyds, which is 33%-owned by the taxpayer following its rescue during the financial crisis. Bischoff's appointment, for a three-year term, was announced by business secretary Vince Cable.

A spokesman for the department denied there was any conflict of interest in relation to the FRC's investigation into the Co-op – which is likely to cover a period including the failed Lloyds branch sale, known as Project Verde.

A nice little part-time job to help with retirement expenses.

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'grandee' - gotta love that word.

It basically means a fusty, stuck-in-his-ways old fart who really ought to make way for younger people with new ideas about the kind of world they'd like to live in, rather than the one they're stuck in because of fusty old farts like him.

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