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Tyrie: FCA in ‘special measures’

Andrew Tyrie

FCA internal audit reports have revealed ongoing concerns about wholesale supervision in retail banks as the Treasury committee says the regulator is in “special measures”.

The Treasury published a redacted copy of the regulator’s 2015 internal audit report summary today.

Treasury Select Committee chair Andrew Tyrie says the committee expects the FCA’s management to have dealt with the issues raised in the report.

Among other things, the report raises concerns about about the supervision of wholesale activities within retail banks.

Tyrie says: “The first three years of the FCA’s life have been very difficult, to put it mildly. The regulator has been in ‘special measures’ for some time.”

Tyrie adds: “Scrutiny of internal audit reports reflects the determination of the committee, on behalf of Parliament, to engage in more rigorous examination of regulators, and much more than had been the case prior to the financial crisis.”

The Treasury started scrutinising the audit reports in 2014.

Tyrie says: “The regulator’s subsequent extraordinary and incompetent briefing of the press on its plans to investigate the insurance industry reinforced concerns already held by the committee.”

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Comments

There are 6 comments at the moment, we would lover to hear your opinion too.

  1. Well I hope the FCA get a thoroughly strong telling off. And if heads have to roll at the organisation, can those who organise such things try to keep the hand-out / payoff compensation to below £500,000 this time, otherwise it may still look slightly wrong. Just a suggestion you understand.

    I remember Hector Sants facing the TSC grilling and sitting there with his smug grin before he got the Knighthood. If only all rollickings were like that. Maybe Andrew Tyrie could try the FSA line – ‘be afraid, be very afraid’ as Hector did on us.

  2. Julian Stevens 27th July 2016 at 7:55 pm

    Forget the internal audit reports. What’s needed are external audits (and not the namby pamby, token efforts undertaken by the NAO).

  3. Tyrie says: “The first three years of the FCA’s life have been very difficult, to put it mildly. The regulator has been in ‘special measures’ for some time.”

    Sorry Andrew, there have been no “first” 3 years…… its the same incompetent, and inherently prejudiced people sat at the same desks the only thing that changed was the letter in the middle FSA to FCA !!!!

  4. Pressure works and must be maintained! It is not just the people and the management but the structure must be reformed

    http://www.libertatem.org.uk/join

    G

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