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To: The Chancellor George Osbourne
Financial Conduct Authority - Re-open it's review into Banking Culture
The Chancellor cannot stay silent on this issue. It’s time he used his influence to keep this review going. Otherwise he’s letting down the rest of us who bailed the banks out and also allowing a signal to be sent to carry on regardless. Given the scale and severity of the failings in the financial sector and the criminal behaviour shown by some banks, the scrapping of the FCA’s review into banking culture sends the wrong message at the wrong time!!
Why is this important?
The Financial Conduct Authority recently dropped it's review into Banking Culture, reportedly under alleged Government pressure (or leaning) as reported by the BBC., however this is denied by the treasury. I ask that we pressure the government to reinstate the review. McDonnell said: “This will be a huge blow to customers and taxpayers who are all still paying the price for the failed culture in the banking sector that’s been widely attributed to be among the main causes of the crash and the scandals over Libor and price-fixing.” He said the FCA was making a “dangerous and costly mistake”.
“The chancellor therefore cannot stay silent on this issue. It’s time he used his influence to keep this review going. Otherwise he’s letting down the rest of us who bailed the banks out and also allowing a signal to be sent to carry on regardless. Given the scale and severity of the failings in the financial sector and the criminal behaviour shown by some banks, the scrapping of the FCA’s review into banking culture sends the wrong message at the wrong time,”. Also The review was included in the FCA’s business plan for 2015, but was dropped after an initial assessment found it difficult to compare different cultures inside banks.
The decision to abandon the review follows the resignation of the FCA chief executive, Martin Wheatley, after the chancellor forced him out in July. A permanent replacement has not been named to take over from Wheatley, who had flagged his tough stance towards the industry by warning he would shoot first and ask questions later.
“The chancellor therefore cannot stay silent on this issue. It’s time he used his influence to keep this review going. Otherwise he’s letting down the rest of us who bailed the banks out and also allowing a signal to be sent to carry on regardless. Given the scale and severity of the failings in the financial sector and the criminal behaviour shown by some banks, the scrapping of the FCA’s review into banking culture sends the wrong message at the wrong time,”. Also The review was included in the FCA’s business plan for 2015, but was dropped after an initial assessment found it difficult to compare different cultures inside banks.
The decision to abandon the review follows the resignation of the FCA chief executive, Martin Wheatley, after the chancellor forced him out in July. A permanent replacement has not been named to take over from Wheatley, who had flagged his tough stance towards the industry by warning he would shoot first and ask questions later.
