FCA backtracking and now going soft on banks

[citizenB]

It does look as though the regulator has done a U turn over this and now intends to investigate..

 

http://www.theguardian.com/business/2015/dec/09/fca-investigation-hsbc-whistleblower-complaints-credit-cards

 

 

FCA set to investigate HSBC amid claims of 'improper practices'

 

Complaints commissioner forces inquiry at regulator, accusing it of mishandling reports of credit card overcharging

 

The City regulator is set to launch an investigation into whether large numbers of people lost out financially because of “improper practices” at HSBC, after a 12-year campaign by a whistleblower.

 

The Financial Conduct Authority (FCA) had originally decided to take no action in the case, which involves credit card customers being overcharged, but has reversed that decision after its complaints watchdog accused it of mishandling the matter.

 

 

In a strongly worded 10-page ruling, the Office of the Complaints Commissioner, which investigates grievances relating to the regulator, said the FCA had presided over a series of events “bordering on the farcical”, was “negligent” and “defensive”, and had even attempted to “shift [the] blame” on to the whistle-blower, Nicholas Wilson.

 

 

[citizenB]

However at the same time ......

 

The City regulator, the Financial Conduct Authority (FCA), has shelved plans for an inquiry into the culture, pay and behaviour of staff in banking.

 

http://www.bbc.co.uk/news/uk-35204010

 

 

The FCA had planned to see whether pay, promotion and other incentives contributed to misconduct seen in previous years.

 

The review was meant to be a major piece of work by the watchdog.

 

Mark Garnier MP, a Conservative member of the Treasury Select Committee said he was "disappointed" by the decision.

 

He said there may have been a political motive.

 

 

 

Asked whether the regulator may have come under political pressure to shelve the inquiry Mr Garnier told BBC Radio 4's Today programme: "There's always been this great argument that perhaps the Treasury is having more influence over the regulator than perhaps it ought to."

 

"And certainly if I was looking for a Machiavellian plot behind what's happened here and the tone of the regulator then I suppose I would start looking at the Treasury.

 

"And it's certainly been widely talked about that the Treasury thought the regulator was overdoing it in favour of the consumer and certainly from my point of view on the Treasury Select Committee, I thought otherwise," he added.

 

[citizenB]

It looks as though they are having problems replacing Martin Wheatley, who IMHO was doing rather a good job

 

 

The decision to drop the inquiry comes six months after FCA boss Martin Wheatley - who was originally hired because of his reputation as a tough regulator - was effectively sacked by Mr Osborne, after he was told his contract was not going to be renewed following two tumultuous years in the role.

 

There have been a series of moves perceived as bank friendly in the last year. Martin Wheatley, the former chief executive of the FCA and a fierce critic of the banks was eased out of his position earlier this year and is yet to be replaced.

 

Mr Wheatley was succeeded by his deputy Tracey McDermott in September on an interim basis, but the chancellor has reportedly struggled since Mr Wheatley's departure to attract a new FCA chief, with at least one leading financial regulator said to have turned the job down.

[BankFodder]

No surprises at this news.

 

I am quite sure that part of the deal was this - http://www.consumeractiongroup.co.uk/forum/showthread.php?457549-Fee-free-bank-accounts

[citizenB]

I guess they will also win their case to have a cut off date for the PPI refunds ?

[determindator]

Banking culture inquiry scrapped by regulator FCA as "Osborne pulls dogs off the banks"

 

Labour MP John Mann told the Independent that the decision directly relates to the sacking of Martin Wheatley, former FCA chief executive

 

An inquiry into banking culture has been scrapped by watchdog the Financial Conduct Authority months after it was launched.

 

In March, the FCA said that it would conduct a review on whether banking culture was changing after a slew of financial scandals dogged the industry, including the rigging of bank lending rates and mis-sold payment protection insurance.

 

 

 

 

http://www.independent.co.uk/news/business/news/banking-culture-inquiry-scrapped-by-regulator-fca-as-osborne-pulls-dogs-off-the-banks-a6791651.html

Edited January 2, 2016 by citizenB

[Guest]

related info re #1

http://www.consumeractiongroup.co.uk/forum/showthread.php?457668-HSBC-Whistleblower