The House of Commons has discussed a motion that FCA is not fit for purpose in its current form. Among the issues raised were:

  • how FCA handled the misselling of interest rate hedging products;
  • the decision to cancel the review into banking culture; and
  • FCA’s report into The Royal Bank of Scotland’s global restructuring.

The session concluded before any vote on the motion could take place. (Source: Commons Discuss FCA’s Fitness for Purpose)