The IFR (January 23rd, 2016) is reporting that the FCA, the regulator here in the UK, looks like a "road accident" after deciding to drop a review into banking culture, quoting lawmakers last week. The IFR reports posits the watchdog may have been leaned on by the government adopt a softer tone with banks. It also cites Andrew Tyrie, Chairman of the Treasury Select Committee as saying "We recognize you have a very difficult job but ... we do seem to be looking a something of a road accident".
The chairman of the FCA has denied coming under any pressure from the government to scrap the review or that its independence was being compromised. To be clear, the FCA continues to indicate it will review conduct and culture on a case-by-case basis and officials indicate there is no desire to abandon its commitment to building strong risk culture.
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