On 20 January 2016, the FCA’s Chairman John Griffith-Jones and acting Chief Executive Tracey McDermott appeared before the Treasury Select Committee to answer questions over the regulator’s decision to stop a thematic review into banking culture.

Tracey McDermott defended the FCA’s decision by stating that while there is “further to go” in reforming culture she felt that a thematic review “was not the right way to achieve that.”  Meanwhile, Mr Griffith-Jones rejected allegations that the regulator’s independence has been undermined by political interference.