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divdiv class=story-body readability=18 span class=story-date#13; span class=date22 November 2013/span#13; span class=time-textLast updated at /spanspan class=time11:50 ET/span#13; #13; /span#13; #13; #13; #13; #13; #13; #13; #13; p class=introductionAn independent inquiry into events at the Co-op Bank has been confirmed by Chancellor George Osborne./p#13; pThe bank's former chairman, Paul Flowers, 63, has been arrested in Merseyside in connection with a drugs supply investigation./p#13; pThe Treasury has not yet announced who will lead the inquiry. /p#13; pIt comes after Mr Flowers was suspended from both the Methodist Church, where he was a minister in Bradford, and the Labour Party./p#13; pHe has been filmed allegedly handing over £300 for cocaine and discussing buying other illegal drugs./p#13; pMr Flowers left his position as deputy chairman of the Co-op Group in June amid concerns about his expenses./p#13; pSeparately, he was forced out of the Co-op's banking arm because of doubts about his competence for the job./p#13; pA Treasury spokesman said: The investigation has been jointly agreed with the two regulators - the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) - who agree there is a public interest in a statutory investigation. /p#13; pIt will be led by an independent person appointed by the regulators, with the approval of the Treasury./p#13; pSeparately, the FCA and PRA are considering whether they should launch formal enforcement investigations./p#13; /div/divbrbrcentera href=http://www.wizardrss.comPowered By WizardRSS.com/a | a href=http://www.wizardrss.comFull Text RSS Feed/a | a href=http://www.amazon.com/RFID-Blocking-Cards-Identity-Protector/dp/B00CJHZLEWRFID/a | a href=http://www.wpzonbuilder.comAmazon Affiliate/a/center