King a 'disaster' as Bank Governor, says Standard Life Sir Mervyn has faced criticism for letting Britain's banks grow so unstable in the boom. He slashed back financial regulation at the Bank after becoming Governor in 2003 and was slow to respond once the credit crunch struck. Some, such as Standard Chartered chief executive Peter Sands, see the current over-reaction as an equally bad mistake. The Financial Services Authority (FSA) has admitted to its failings in damning internal reports into Royal Bank of Scotland and Northern Rock, but the Bank has so far refused to expose itself to public scrutiny. "He didn't do his job to protect the system," the City director said. But there's been no hint of contrition. Mr Cumming did not express much confidence in the candidates most likely to succeed Sir Mervyn in what will be the most powerful unelected role in the UK. "One of the problems of this post it requires contrasting areas of expertise in regulation and economics," Mr Cumming said. There are a lot of names in the frame, none at the moment appeal. Paul Tucker, the Bank's deputy Governor, is the front-runner, alongside FSA chairman Lord Turner and former Cabinet Secretary Lord O'Donnell. John Varley, the former Barclays chief executive, is said to the be the City's favourite. Jim O'Neill, the respected chairman of Goldman Sachs Asset Management, has emerged as a potential candidate. Mr Cumming said: "He comes across as a pragmatic economist but doesn't have any experience of regulation." The Bank has argued the new regulatory framework that will give it over-arching powers is a response to failures before the crisis, when there were no speed-limiters to slow the banking boom down. The Bank declined to comment on Mr Cumming's comments.