The incoming head of the financial industry regulator had to repay tax after using an unapproved tax break scheme.
Charles Randell, who becomes chair of the Financial Conduct Authority in April, told MPs he had made an “error of judgement” by putting money into Ingenious Film Partners 2.
The scheme makes use of tax breaks available to promote film productions.
Mr Randell paid into the scheme between 2006 and 2011.
BBC News – Business