The UK Parliament will debate a rather worrying motion this afternoon: “this House believes that the Financial Conduct Authority in its current form is not fit for purpose and we have no confidence in its existing structure and procedures“. The motion’s sponsors are Guto Bebb MP (Conservative), John Mann MP (Labour) and Ian Blackford MP (SNP)), suggesting that the motion has cross-party support, even it’s back bench (rather than government) business.

John Mann MP has promised to use the debate to draw attention to a new scandal, which the FCA has so far refused to investigate.

It’s not yet clear whether Andrew Bailey’s appointment as the FCA’s new CEO has taken the heat out of this, or turned the temperature up.