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Wes condemns FCA decision to drop its banking inquiry

Ilford North's MP hit the front page of City A.M. today to warn regulator that it's sending the wrong message over banking culture.

The Financial Conduct Authority, which regulates financial services, was due to hold an inquiry into the culture of Britain's banking industry, but mysteriously dropped the inquiry on New Year's Eve. Concern was expressed last year about the undue influence that George Osborne exercised in ousting the previous Chief Executive from his job at the FCA.

Wes is a member of the House of Commons Treasury Select Committee and will be urging colleagues to call the regulator in to answer tough questions. 

Wes says: "The public are still footing the bill for the damage that financial misconduct had on the global economy and Britain's economy. This sends completely the wrong message that it's still business as usual. 

"Britain's financial services industry is a major and important part of our economy. It's vital that we support them to succeed, but we cannot allow a repeat of the events that brought our economy crashing to its knees in 2008."

You can read the full City A.M. story here. 

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published this page in News 2016-01-04 21:46:02 +0000

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