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Banking culture inquiry shelved by regulator FCA

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Registered: 06-04-2007

Banking culture inquiry shelved by regulator FCA


Quote
The City regulator, the Financial Conduct Authority (FCA), has shelved plans for an inquiry into the culture, pay and behaviour of staff in banking.
The FCA had planned to look at whether pay, promotion or other incentives had contributed to scandals involving banks in the UK and abroad.
The shadow chancellor said it was a "huge blow to customers and taxpayers".
The Treasury denies involvement in the decision - which some commentators have suggested was politically motivated.

This was announced on December 31st, it is as if UK.gov wanted this to be hidden in the NYE festivities.
On http://www.bbc.co.uk/news/uk-35204010
Sign this petition to have UK.gov reconsider this action https://petition.parliament.uk/petitions/117403/sponsors/pWPqp2HZCsrWAmIyddQ
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9 REPLIES
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Re: Banking culture inquiry shelved by regulator FCA

The government have no problem in shelving something like this but see no problem in investigating claims against soldiers who were fighting in the middle east following complaints from our enemies.
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Re: Banking culture inquiry shelved by regulator FCA

I find this infuriating to be honest, it really smacks of the 'Old School Tie' network, and if anything has the opposite effect to my attitude towards these institutions.
itsme
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Re: Banking culture inquiry shelved by regulator FCA

One is about culture as investigations in law breaking have already taken place while the other no investigation in law breaking have taken place.
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Re: Banking culture inquiry shelved by regulator FCA

Quote from: Mook
I find this infuriating to be honest, it really smacks of the 'Old School Tie' network, and if anything has the opposite effect to my attitude towards these institutions.

+1.... (and the rest of the nation)
I need a new signature... i'm bored of the old one!
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Re: Banking culture inquiry shelved by regulator FCA

Yeah.... I still see Cameron as the achitypical "head boy"  or "senior prefect" of a public school... in all his mannerisms. He obviously considers himself, and his conies that got the gongs this new years honours list, to be "above" the "normal" people in the world... and he looks down on everyone else.... It surprises me that so many people actually voted for the CON servative party in the last round of the farce.
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Re: Banking culture inquiry shelved by regulator FCA

I can visualise the discussion. "We at Megabank will move our HQ to Hong Kong unless you stop this enquiry. Of course that will mean no directorships for ex-politicians...."
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nanotm
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Re: Banking culture inquiry shelved by regulator FCA

all of which might even be true were it not for the fact the regulator decided to change the way they are doing the investigation from all banks suck to each bank gets a punch in the gut or a kick in the arse as deserved ....
its not even a government change the investigation was announced by the regulator and shelved by the regulator probably because they found only a couple of banks actually needed investigating further and wasting time with the rest would make the job take too long /
just because your paranoid doesn't mean they aren't out to get you
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Re: Banking culture inquiry shelved by regulator FCA

Quote from: nanotm
its not even a government change the investigation was announced by the regulator and shelved by the regulator ... wasting time with the rest would make the job take too long

That is of course very true, is there any hint of anything you have seen or read that suggest that is the reason the regulator has shelved the investigation in its current form?
It is possible that 'a few' are at fault, but it does seem that all or most, seem to make the same investment errors that led to many banks needing a bailout, but that could be the domino affect of the few banks which did get it very wrong which affected the investments indirectly of other banks.
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nanotm
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Re: Banking culture inquiry shelved by regulator FCA

steering clear of the popular press its easy to find press releases that indicate the reasons for the change by the regulator, but like all things whenever theres a chance to enact some party bashing never let the truth get in the way of a giant click bait headline, out of 6 online papers I looked over only one actually bothered to point out it was labour politics that created the mess in the first place and the change was being driven by initial assessments of the various uk registered banks, of which apparently Barclays is the biggest problem followed closely by RBS and the majority of the rest had little or nothing that was of immediate concern.
unless some serious changes have been made the regulatory groups are still isolated independent overseers there to ensure the laws created by parliament are obeyed rather than yet another mouth piece for the incumbent government.
which would make the constant stream of "Osborn xyz" carp flowing from the tabloids on a daily basis was nothing more than a smoke screen designed to stop him moving from the chancellors office to no10 in the future .....
just because your paranoid doesn't mean they aren't out to get you