Angela Knight, the former British Bankers’ Association boss from 2007 and 2012, faced questions of credibility after her alleged mis-handling of the banks during the height of the PPI crisis and the emergence of Libor rigging scandals.
Knight said “I did what I could in the face of a hurricane”
“I found myself in charge [at the BBA] at the time of the biggest banking crisis in history. I did what I could in the face of a hurricane.
“If someone who does a difficult job and finds themselves in a very tricky position does what they can, is thereafter told, ‘You can’t do anything else,’ you’ll never get anybody to do a difficult job again. I tried my best.”
In 2011, banks legally challenged the then-Financial Services Authority whether it was correct to refund for payment protection insurance mis-selling. Knight had disagreed with the judicial challenge and wished to resign as she was not in a position to lead the BBA during the time.
Knight admitted she was forced to defend the industry.
As for Libor, she had intended for the Bank of England to have a higher role as an observer.
The PPI claims process formally began after taxpayer-backed Lloyds began paying refunds to consumers on May 2011. The UK Supreme Court had also favoured the City watchdog’s stand to refund consumers mis-sold PPI.