Bischoff given regulator role

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The retiring chairman of Lloyds Banking Group 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 per cent-owned by the taxpayer following its rescue during the financial crisis. Bischoff’s appointment, for a three-year term, was announced yesterday by Business Secretary Vince Cable.