MPs are ‘fed up with slow and obstructive’ FCA

The Treasury select committee is “fed up” with the FCA’s “slow and apparently obstructive” approach to providing information required by MPs, chairman Andrew Tyrie says.

In a committee session last week, FCA chairman John Griffith-Jones was asked about requests by the TSC for information or documents which the committee feels have not been adequately addressed.

These included being given access to internal audit reports, requests for clarity over legal advice and the details of redress deals made with banks.

Griffith-Jones defended not providing the information, saying a degree of confidentiality was required to enable a “protected space” for it to operate within.

Tyrie said: “To be frank, this is likely to be the last softball hearing on this. We are fed up. There is deep disquiet about the slow and apparently obstructive approach we’ve had [from the FCA] on a number of issues we have raised and it is not confined to these three.

“We do need to get to a better place quickly now and for that we need a good deal of cooperation that we haven’t always seen in recent months on a number of very important issues. I’m sorry to have to make that statement but I think it has to be on the record.”

Before Tyrie made his comments, Liberal Democrat MP John Thurso questioned Griffith-Jones about the cooperation between the committee and the regulator for 20 minutes.

Griffith-Jones said he did not want to provide the information in “real time” as it could encourage the committee to intervene in ongoing regulatory matters.

Thurso said: “The impetus behind this is not to catch you out but to give you the authority of scrutiny so the market players and the public all have enhanced confidence in you.”