30 April 14

Kelly ReviewIn July 2013 Sir Christopher Kelly was appointed to conduct a review into the failings that led to the problems in the Co-operative Bank in 2013, and so to its eventual take over by private investors and hedge funds.

Commenting on the report published 30 April 2014, Sir Christopher said: “This report tells a sorry story of failings in management and governance on many levels.... The roots of the shortfall lie in a merger between the Bank and the Britannia Building Society which should probably never have happened. "