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

MPs press FCA and FOS for answers on ombudsman CEO's 'sudden' departure

MPs press FCA and FOS for answers on ombudsman CEO's 'sudden' departure

Treasury Committee written to chairs of FCA and FOS about Abby Thomas’ exit

Jenna Brown
clock 11 February 2025 • 2 min read
FCA 'agnostic' on advice industry consolidation benefits

FCA 'agnostic' on advice industry consolidation benefits

Regulator unsure on consolidation outcome but will continue engagement with firms

Sahar Nazir
clock 06 February 2025 • 1 min read
What to expect from the FCA on financial crime in 2025

What to expect from the FCA on financial crime in 2025

Financial crime remains at the forefront of the FCA's agenda

Daren Allen
clock 04 February 2025 • 5 min read