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MPs summon FCA over axed bank culture report

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An influential committee of MPs is to investigate why the FCA dropped a report into banking culture.

The Treasury committee has summoned FCA chairman John Griffith-Jones and acting chief executive Tracey McDermott to justify the decision.

At the time of dropping the probe, the FCA said it would instead work with individual banks on improving conduct.

Griffith-Jones and McDermott will sit before MPs later this month, with committee chair Andrew Tyrie keen to assess the FCA’s progress in seeking to change the culture of banks.

Money Marketing understands MPs are also keen to scrutinise the independence of the regulator in the probe, and whether the Treasury has played any role in recent decisions.

A source says: “There will be a wide scope to the session, taking in news that has emerged over the last few weeks and months, and what this means in terms of answering that question as to whether the FCA has full control of regulation.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. “MPs are also keen to scrutinise the independence of the regulator in the probe, and whether the Treasury has played any role in recent decisions”

    Oh.. come on for Christ’s sake, there is no scrutiny needed, as far as the Treasury, is concerned the regulators (not just the FCA) are very good, sources, of deniability, vote or point winning and above all revenue !!

    And lets not forget, the Treasury is in turn, part of the government in power at the time, so if they what this cake, and THEY want to eat it then they should bloody pay for it !!

    Like most I am fed up with being force fed crap and then made to pay for it

    Now for any TSC MP reading this………. why do YOU think the FCA dropped the bank culture report ?

  2. It’s been dropped because banks are difficult beasts with large legal departments staffed by the very best and most highly paid lawyers. So so so much easier to pick off small IFA’s that have virtually no money or protection and it shows that the FCA is actually doing something doesn’t it.

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