The home of former chairman of Co-op Bank, Paul Flowers, has been searched for drugs by West Yorkshire Police.
The BBC reports the search relates to allegations the Methodist minister bought and used illegal drugs, including cocaine. Flowers, 63, apologised after he was filmed allegedly buying drugs, the report said. Yesterday, the current chairman Len Wardle quit his post over the scandal. Business secretary Vince Cable told the BBC there had been "a serious failure of regulation". The Telegraph reports former City minister Paul Myners has said the bank's £1.5bn recapitalisation deal could be under threat in the wake of the scandal. A spokesman for West Yorkshire Police said: "Offi...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes