op Bank boss Flowers was right choice at time, says FCA 7 January 2014 Last updated at 11:14 The Financial Conduct Authority (FCA), the watchdog that appointed disgraced Co-op Bank boss Paul Flowers, says it made the right decision at that time. Clive Adamson, who interviewed him in 2010 for the post of non-executive chairman, said he knew Mr Flowers did not have any experience in banking. Last year, Mr Flowers was arrested amid an investigation into illegal drugs. Last year, a £1.5bn capital shortfall was found that led to investors, including US hedge funds, taking over. Mr Adamson, who was director of supervision at the FCA, said Paul Flowers' lack of experience in banking did not matter, as his job was to control the board of the bank. He called the board "unruly," which, with 22 members, was oversized for a bank of its type. Mr Adamson said no-one had told the regulator about the drugs allegations. "I don't think it was a mistake in terms of the decision I made at the time," he said, but he acknowledged there were lessons to be learned from what happened, adding: "I do regret what subsequently happened." Both the FCA and the Bank of England's Prudential Regulation Authority opened an enforcement investigation into Co-op on Monday. Co-op Bank took over the former Britannia Building Society in 2009 and was in line to take over more than 600 Lloyds Bank branches, which Lloyds has been ordered to sell, before its frailties emerged.