FCA has responded to a request under the Freedom of Information Act 2000 concerning the decision to stop the thematic review into culture in banks. FCA explains that it:
- decided not to proceed with the second stage of its review, rather than stopping the review;
- did not consult any external body and told interested parties of its decision in December;
- decided not to proceed to a report that detailed good and poor practice because its researches showed such a diversity of approach. FCA decided it would be more helpful to work constructively with individual firms than to publish general guidance.