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MPs to grill FCA chiefs next week

FCA chief executive Martin Wheatley and chairman John Griffith-Jones will face a grilling from MPs next week as part of their bi-annual scrutiny by parliament.

Wheatley and Griffith-Jones will appear before the Treasury select committee next Tuesday at 10am.

TSC chair Andrew Tyrie told Money Marketing he wants the FCA to undergo a culture change as big as banks.

He expressed concerns that the positive FCA “tone at the top” would not be transferred down to staff at the coalface.

The FCA chiefs are also likely to face questions on its thematic review of the annuities market, set to be published in the next couple of weeks.

Wheatley and Griffith-Jones could also be asked about the impact of the RDR and the existence of the advice gap.

Last July Wheatley said he had “concerns” about an advice gap and said it could be filled by web-based solutions.

Tyrie says the TSC could launch an inquiry into the RDR impact but the timetable means it is unlikely before the May general election.

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. Well, let’s hope the MPs have more success than they did with the FSA! There are far too many ordinary folk including a large percentage of Labour voters who have been disenfranchised from getting independent advice thanks to the RDR for many reasons.

  2. I hope that Martin Wheatley (& I believe he will) is going to respond in a constructive way to the TSC unlike Hector Sants.

  3. They will, as ever, say all the right things but in reality do absolutely nothing about them.

    Perhaps we should get some real MPs with some real ethics and some real balls and then perhaps we might get somewhere.

    Nothing will change.

  4. The first question should be Please give the Committee five examples of how, as you’ve claimed Mr Wheatley, the FCA is a very different animal from how it was in its previous guise as the FSA. So far, the Committee has seen no evidence whatsoever of any diminution of costs, bureacracy or lack of accountability. What say you, Mr Wheatley?

  5. Test comment – please ignore

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