The House of Commons held a debate this week on a motion that the FCA in its current form is not fit for purpose, criticising in particular its handling of the misselling of interest rate hedging products and the decision to cancel its review into banking culture.  Amongst other things, the government has agreed that the House of Commons Treasury Committee will be able to carry out a pre-commencement hearing before Andrew Bailey, the FCA chief executive, starts work at the FCA. This comment was made in response to a call by Andrew Tyrie, the Treasury Committee Chairman, that the committee should be given a veto on the appointments and dismissals of FCA and PRA chief executives.