FCA independence called into question by expert review

Interventions have 'dramatic effect' on organisation

Carmen Reichman
clock • 3 min read

The independence of the Financial Conduct Authority (FCA) and its board from political influence has been called into question by a recent external review.

The review by an unaffiliated consultancy said the FCA board's powers with respect to making independent decisions are limited, and external interventions "can have dramatic effects on the organisation". The findings follow revelations that the Bank of England was involved in a recent highly criticised decision by the regulator to drop a probe into culture at some of the UK's biggest banks. It emerged this week Megan Butler, an executive director at the BoE Prudential Regulation Authority (PRA), was one of the key figures overseeing the FCA's plans to scrap the review. Butler joine...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA acknowledges investment trust platform clash and proposes changes in call for wider CCI input

FCA acknowledges investment trust platform clash and proposes changes in call for wider CCI input

Final rules outlined in 2025

Eve Maddock-Jones
clock 19 December 2024 • 6 min read
WealthTek boss John Dance charged with £64m fraud and money laundering

WealthTek boss John Dance charged with £64m fraud and money laundering

‘One of the most serious and largest frauds’ ever investigated by FCA

Jenna Brown
clock 19 December 2024 • 2 min read
Number of financial firms failed by FSCS increases in October and November

Number of financial firms failed by FSCS increases in October and November

Including Charterhouse and Advice & Wealth Management Solutions

Isabel Baxter
clock 18 December 2024 • 2 min read