The Financial Conduct Authority’s (FCA)
decision to scrap plans to investigate the internal culture
within UK banks has been met with mixed reactions.
The regulator, which decided a traditional thematic review
'not achieve the desired outcomes’, has
decided instead to work with individual banks on the issue.
The announcement immediately sparked
accusations of political meddling, including from some
leading MPs, following the ousting of chief executive Martin
Wheatley in summer 2015. Wheatley was viewed by some as hostile
to banks and his dismissal by chancellor George Osborne was
seen by many as an attempt to make peace with City banks.
"My view is that the FCA was concerned it'd find a problem
too big for them to fix," said Andrew Fulton, barrister of 20
Essex Street. "I just don’t think the UK, as a
financial centre, wants to stand alone...