Treasury Committee to meet reviewer over FCA blunder

The FCA has yet to announce the identity of the independent reviewer.

The Chancellor of the Exchequer has today also written to the FCA expressing profound concern and outlining some areas that he thinks the review should address.

The Chairman of the Treasury Committee, Andrew Tyrie MP, said:

“The Chancellor has today made clear that he shares the Committee’s concerns over what appears to be an extraordinary blunder. As he says, these events go to the heart of the FCA’s responsibilities. The reputation of the regulator is at stake.

“We don’t yet know who will lead the independent inquiry. That decision needs to be taken - and made public - soon.

“The Treasury Committee will want to see the independent reviewer before he or she gets to work and before the Terms of Reference are finalised.

“The Committee will want assurances that the Terms of Reference provide no barriers to getting to the bottom of what has happened. The Chancellor has outlined some areas he would like to see addressed; there may be others.

“Responsibility for the Terms of Reference should lie with the independent directors, after consultation with the independent reviewer.

“The Treasury Committee will also want assurances that this work will be conducted wholly independently, of the FCA, the industry or anyone else. The reviewer’s report should be published in full.”