The incoming chairman of the Financial Conduct Authority has admitted to an “error of judgment” after investing in a controversial tax avoidance scheme that resulted in him repaying more than £100,000 to the taxman. Those who put money into the scheme could claim tax relief against film production losses. Committee chair Nicky Morgan asked Randell if he could see that the Ingenious scheme would look, to the general public, like a “rather clever tax wheeze” to let people pay less tax. He added that he had “dispensed with the services” of his financial adviser when HMRC began taking action against the scheme. Hearings by the Treasury committee into top appointments at the FCA and the Bank of England are commonplace, and are not without incident.

Source: The Guardian February 20, 2018 18:04 UTC