Co-op Bank woes show banker approval shortcomings -MP

LONDON, Nov 18 (Reuters) - Britain needs to overhaul itsregulatory approval process for bankers as problems at mutualCo-operative Bank highlighted the past process was "abureaucratic box-ticking exercise", a leading lawmaker said.

The former chairman of Britain's troubled Co-operative Bankhas been filmed arranging to buy cocaine, the Mail on Sundaynewspaper reported.

"This latest episode over the chairmanship of the Co-opillustrates how much there is to do to reform the regulatoryapproval process for bankers, especially those at the top of ourbanks, and how important it is that fundamental reform takeplace," said Andrew Tyrie, chairman of the Treasury Committee.

His committee has recommended overhaul of the approvalprocess is needed. "Implementing this new approach will requirea fundamental change in attitude from the regulators. The juryis out on progress," he said.