Statement from Lord Turner:
David Miles has informed me of his decision to step down from the FSA Board later this month, instead of staying until March 2010, the end of his current term. The reasons for his decision are outlined in the attached letter, sent by David to the chair of the Treasury Select Committee, in response to a request to consider potential conflicts of interest in respect of cross-membership of the FSA Board and the MPC.
Like David, my strong conclusion is that there are no potential conflicts arising from such cross-membership. I believe that the two positions are entirely compatible and, indeed, that there are some spin-off benefits.
I regret David’s decision but would like to thank him for his significant contribution to the FSA during the last five years.
Letter from David Miles [PDF]
Letter from Lord Turner [PDF]