On 1 February 2016 the House of Commons held a debate on whether the FCA is fit for purpose in its current form. Mr Guto Bebb who led the debate, referred to the decision by the FCA to cancel its review into banking culture, amongst other issues, to seek to demonstrate that the FCA is not fit for purpose. Whilst allocated only 15 minutes, the debate lasted over two hours. The debate did not conclude before close of business in the House of Commons so no vote was taken on the motion. The debate ends with the comment by Mr Bebb, noting that, of the 13 backbenchers who spoke in the debate, only two were supportive of how the FCA is operating. He goes onto suggest that he hopes the new Chief Executive will be a “fresh brush within the FCA”, but that he has a lot of work to do to rebuild confidence in the regulator.