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Photograph: PA Remember Paul Flowers, the former Methodist minister who was once chairman of the Co-operative Bank?Dubbed the “Crystal Methodist” because of his predilection for illegal drugs, Flowers presided over the near-collapse of the ethical bank, once one of Britain’s most respected institutions.
It will focus on a number of issues, including the bank’s disastrous merger with Britannia Building Society in 2009 and its long-running and ultimately abortive attempt to buy a block of 632 bank branches from Lloyds.Neither were his personal failings that far from the surface.In 2011, for example, he was forced to step down from Bradford Council after “inappropriate but not illegal adult content” was found on a council computer he had handed in for servicing.However, he argued that he had not breached the bank’s code of conduct for directors, which he had helped draft.Not surprisingly, the regulator disagreed, and cited the former Methodist minister’s unwillingness to comply with not only its rules but also with other legal, regulatory and professional requirements. Of far greater interest is the independent investigation announced yesterday into the supervision of the bank in the aftermath of the financial crisis. Back in November 2013, then-chancellor, George Osborne, promised a review into the events surrounding the Co-op’s financial meltdown.
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