FCA inquiry into bank culture

Meeting: 
MQT on 2016-01-20
Session date: 
January 20, 2016
Reference: 
2016/0065
Question By: 
Jenny Jones
Organisation: 
City Hall Greens
Asked Of: 
The Mayor

Question

Given the significance of the banking sector in London's economy, will you lobby the Financial Conduct Authority Chairman to reopen its inquiry into bank culture?

Answer

Answer for FCA inquiry into bank culture

Answer for FCA inquiry into bank culture

Answered By: 
The Mayor

The Financial Conduct Authority is an independent regulator and has explained its decision fully. It has published a detailed explanation for how it reached this decision on its website. It explains that it decided 'the best way to support and drive on-going efforts to improve culture is to continue to engage individually with firms to encourage their delivery of cultural change as well as supporting other initiatives outside the FCA.'

The FCA's full statement is published at:

http://www.fca.org.uk/static/documents/foi/foi4350-information-provided.pdf)