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TSC chair Tyrie attacks ‘slow and obstructive’ FCA

The Treasury select committee is “fed up” with the FCA’s “slow and apparently obstructive” approach to providing information required by the MPs, chairman Andrew Tyrie says.

In a committee session this afternoon, FCA chairman John Griffith-Jones was asked about requests by the TSC for information or documents which the committee feels have not been adequately addressed.

These included being given access to internal audit reports, requests for clarity over legal advice and the details of redress deals made with banks.

Griffith-Jones defended not providing the information, saying a degree of confidentiality was required to enable a “protected space” for it to operate within.

Tyrie said: “To be frank, this is likely to be the last soft ball hearing on this. We are fed up. There is deep disquiet about the slow and apparently obstructive approach we’ve had [from the FCA] on a number of issues we have raised and it is not confined to these three.

“We do need to get to a better place quickly now, and for that we need a good deal of cooperation that we haven’t always seen in recent months on a number of very important issues. I’m sorry to have to make that statement but I think it has to be on the record.”

Before Tyrie made his comments, Liberal Democrat MP John Thurso questioned Griffith-Jones about the cooperation between the committee and the regulator for 20 minutes.

Griffith-Jones said he did not want to provide the information in “real time” as it could encourage the committee to intervene in ongoing regulatory matters.

Thurso said: “The impetus behind this is not to catch you out but to give you the authority of scrutiny so the market players and the public all have enhanced confidence in you.” 

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Comments

There are 13 comments at the moment, we would love to hear your opinion too.

  1. Julian will be pleased – It appears the TSC wish to become a regulatory oversight committee!

    It may put the FCA panels nose out of joint though, aren’t they supposed to provide the required level of scrutiny?

  2. “……..he did not want to provide the information in “real time” as it could encourage the committee to intervene…….”.

    Of course he/they don’t, as it constitutes an independent audit in effect, which is the stuff of nightmares for all ‘QUANGOs’!

  3. Looks like Mr Tyrie and the TSC are getting fed up with being told to “jog on” coupled with the two fingered salute ?

    Having watched the interview in full; just remind me again how the hell Griffiths Jones got the chairman’s job ?

  4. Matthew who?

  5. Matthew who?

    And your point is…?

  6. Julian,

    Why do you keep asking me about the World Health Organisation?

    My point is as written, I cannot see any means of making it clearer…

  7. Are you of the opinion then, Matthew whoever you are but afraid to reveal your true identity, that not just me but Andrew Tyrie also are wrong and that no new measures should be enacted to force the FCA to be more properly accountable? Perhaps you’re just an FCA stooge.

  8. @DH

    Where did you manage to watch the TSC meeting, as I can’t find it on ‘catchup’ anywhere 🙁

  9. @ Matthew ‘agent provocateur’

    Whilst you may be amused by Julian’s incessant banging on regarding a regulatory oversight committee let’s not forget that the very reason they have and will continue to run roughshod over the industry is that there is not a body in the land that can stop them. The government has provided them with immunity from prosecution, apart from acting dishonestly) and individual immunity as Sants delighted in explaining to Tyrie a few years back. Change the law, he said.

    Whatever your political persuasion or whether you wave the consumer flag at every opportunity the reality is that regimes that have no checks and balances invariably create despots.

  10. E L Wisty (an only twin) 9th September 2014 at 6:04 pm

    Delighted to hear Tyrie venting his frustration. However, he won’t get my vote until the TSC holds the FCA to account in respect of Arch cru, and withdraws Capita’s magic ‘get out of jail free’ card.

  11. It’s all hot air and posturing. If the TSC wants to get tough it has to enact new laws in Parliament to bring an unaccountable regulator to heel.

    Otherwise it is just show biz.

  12. My point Julian (and I am not ‘afraid’ of revealing my identity – I merely choose (as is my right) not to, nor am I a ‘stooge’) is that the regulator is set up as the arbitrator of FSMA – a law designed to hold the financial services industry to account where needed. There are already three panels in place to challenge the activity and direction of regulation, all of which is published openly for everyone to read.

    Where does oversight end and how would you ensure that any ‘independent body’ that held oversight, did so with impartiality or good-faith? Who would sit on this panel – industry members with vested interests? Politicians with vested interests? How much would this cost, and how often would they become involved in issues? How much red tape or delay to policy would this entail? What monumental ‘injustices’ would have been avoided by having this committee? Where does it end?

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