The influential committee’s chairman, Conservative MP Andrew Tyrie, said on Thursday morning that he has summoned FCA chairman John Griffith-Jones and acting chief executive Tracey McDermott to answer questions next Wednesday, 20 January, about the dropped investigation. It has been, and remains, a privilege to lead this organisation.
Advertisement
“Each one [dropping the reviews] aren’t crucial but cumulatively they do give the appearance of a weakening of a resolve and certainly the FCA’s decision to drop its review into banking culture looks odd, after all it was in their business plan, Tyrie told BBC”.
The UK Treasury, which is the government’s economic and finance ministry, is leading the recruitment process, with McDermott set to continue in the role until a permanent successor is in post.
Former FCA chief executive Martin Wheatley was ousted a year ago when chancellor George Osborne refused to renew his contract, a move widely seen as a response to complaints from the banking sector over Wheatley’s combative approach.
“Going through the recruitment process has made me reflect on what I want to do with the rest of my career”.
“There has been a very effective interim leader in Tracey McDermott who has been doing a good job but she doesn’t want the job full time”.
Bosses of City watchdog the Financial Conduct Authority are to face a grilling by MPs for letting bankers off the hook after dropping an inquiry into banking culture months after its announcement.
Wheatley stepped down as Chief Executive on September 12 after George Osborne said that “different leadership is required”.
“Martin’s replacement will – like him – need to be passionate about protecting consumers, promoting competition and completing the job of cleaning up the City, so it is the best-regulated market in the world”, he added.
But the FCA now says that rather than a full-scale review, engaging with banks individually is a better way of improving conduct.
“This session will be a part of the committee’s assessment of the FCA’s efforts to fulfil the enhanced statutory responsibilities given to it by parliament over the last few years”.
Advertisement
A spokesperson for the FCA said, “We welcome the opportunity to appear before the committee to explain and clarify our position”.
