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MPs summon FCA over axed bank culture report

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An influential committee of MPs is to investigate why the FCA dropped a report into banking culture.

The Treasury committee has summoned FCA chairman John Griffith-Jones and acting chief executive Tracey McDermott to justify the decision.

At the time of dropping the probe, the FCA said it would instead work with individual banks on improving conduct.

Griffith-Jones and McDermott will sit before MPs later this month, with committee chair Andrew Tyrie keen to assess the FCA’s progress in seeking to change the culture of banks.

Mortgage Strategy’s sister title Money Marketing understands MPs are also keen to scrutinise the independence of the regulator in the probe, and whether the Treasury has played any role in recent decisions.

A source says: “There will be a wide scope to the session, taking in news that has emerged over the last few weeks and months, and what this means in terms of answering that question as to whether the FCA has full control of regulation.”

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