Under the Freedom of Information Act 2000, the FCA has made two disclosures in relation to its discontinuance of the thematic review into the culture in banks.

In the first disclosure, the FCA was asked for the relevant emails and minutes which formed its decision to discontinue the review.  It provided:

  • Emails explaining the nature of documents provided to the Treasury Select Committee confirming its decision to close the project, its decision paper and Exco papers.
  • A published paper detailing the rationale for the decision and the wider context of its ongoing focus on culture.

In the second disclosure, the FCA was asked for any evidence to support its decision (to which it provided the same documents), and how the previously perceived need for investigation was obviated.  The documents showed, a focus on culture in banks continued to be a priority. However, it decided the best way to support and drive on-going efforts to improve culture is to engage individually with firms as well as support other initiatives outside of the FCA.