Submitted on Thursday 31st December 2015
Rejected on Tuesday 5th January 2016
Current status: Rejected
Rejection code: irrelevant (see below for details)
Reopen the banking culture enquiry
The City regulator, the Financial Conduct Authority (FCA), has shelved plans for an inquiry into the culture, pay and behaviour of staff in banking.
This enquiry is likely to uncover malpractice and could lead to much needed changes to our current banking system, including fractional lending.
The Treasury denies involvement in the decision - which some commentators have suggested was politically motivated.
You can't sign this petition because it was rejected. But you can still comment on it here at Repetition.me!
The Government e-Petitions Team gave the following reason:
The Financial Conduct Authority is operationally independent of Government and Parliament. That means that the Government and Parliament can’t intervene in the decisions it makes about its day-to-day operations.
Parliament makes the law which sets out the responsibilities of the FCA. You could start a new petition calling for Parliament to change the law, so that the FCA is required to conduct a review of banking culture.
Alternatively, you could ask the Government to commission a separate independent review of banking culture, or to carry out a review using its own resources.
You might also be interested in the work of the Parliamentary Commission on Banking Standards, which looked at professional standards and culture in the UK banking sector:
http://www.parliament.uk/bankingstandards
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