Member

If the Government adopted some of these amendments or changed the Bill to meet in the middle, it would send a clear message that the regulator needs to be bound by law to hold itself to the same high standards that it is expecting of others. An alternative would be for the regulator to follow a lower path, which we would not want to see. We spoke previously about the All-Party Parliamentary Group on Investment Fraud and Fairer Financial Services, which looked at how the Financial Conduct Authority has been discharging its duties as a regulator. That cross-party report highlighted a “defective culture” within the Financial Conduct Authority, with staff alleging a toxic environment which discourages challenges to management. One former member of the FCA described the culture as