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The Chartered Institute of Public Finance and Accountancy has endorsed the formation of a new company, INTEGER, to provide treasury management advisory service. INTEGER's four executive directors come from the banking, corporate, stockbroking and local government sectors. Peter Haring represents banking. His career and his views about the role of local authorities in treasury management are discussed.

The UK Treasury and the UK Civil Service Committee have issued a report on its investigation of the Bank of England for its failure to take immediate and decisive action against the Bank of Credit and Commerce International SA. The report focuses on two phases in BCCI's activities in which the Bank of England should have intervened. The report concludes that the Bank of England would rather maintain depositors' confidence rather than inform them of the financial status of the banks they invest in.

Arthur Boulter is the new head of the Chartered Institute of Public Finance and Accountancy's local government division. Boulter discusses his civil service career and his plans for CIPFA. Aside from being responsible for local government finances, Boulter is continually preparing advisory reports. He is also planning an intensive training program for institute members and preparing for the Apr 1992 council tax. Boulter also explains the CIPFA's stand concerning the legality issue of the interest rates swap and the collapse of the Bank of Credit and Commerce International.

INTEGER Finance Dir Stuart Milton rose fast in his career. He began as a cost and management accountant with Ford of Europe Inc and rose to the rank of treasurer and finance director of Black and Decker UK in less than three years. He also worked with Max Factor and Allegheny. As finance director for INTEGER, Milton advises local authority finance directors on maximizing treasury functions and services in London, UK.

The Treasury and Civil Service Committee has ruled that banks must operate under a structure which can be effectively regulated and bank regulators have the responsibility to ensure that financial institutions comply. This emerged as the Committee ruled that the Bank of Credit and Commerce International SA (BCCI) was guilty not only of fraud, but also of improper management and insufficient financial regulations. Apparently, government control and evaluation of BCCI were hampered by the bank's uncommon structure and by its operation of branches beyond the Bank of England's jurisdiction.

The Social Security Select Committee is calling for a Royal Commission to propose a pensions Bill to supercede the ineffective trust laws. Among the other recommendations made by the Committee is the empowerment of the Occupational Pensions Board to monitor pension plans and of plan holders to vote on plan fund transfers. These are safeguards against the indiscriminate transfer of funds which was highlighted by the case of Robert Maxwell's corporations. The Committee further advices that the fund ownership issue be resolved to facilitate taxation processes.

Municipal Mutual Insurance has ceased to issue policies covering claims of less than 100,000 pounds sterling. This new company rule was promulgated to control a growth in size and number of claims on employer and public liability insurance. The move by Municipal Mutual has caused local officials to immediately review their insurance programs.