The House of Commons has discussed a motion that FCA is not fit for purpose in its current form. Among the issues raised were:
- how FCA handled the misselling of interest rate hedging products;
- the decision to cancel the review into banking culture; and
- FCA’s report into The Royal Bank of Scotland’s global restructuring.
The session concluded before any vote on the motion could take place. (Source: Commons Discuss FCA’s Fitness for Purpose)