Submitted on Saturday 2nd January 2016
Rejected on Tuesday 5th January 2016
Current status: Rejected
Rejection code: irrelevant (see below for details)
Make the FCA complete the Banking Culture Review
The FCA has decided not to proceed with their review of the pay promotions and whistleblowing culture in the banking sector. This was supposed to be a priority programme until the return of a majority Tory govt which has given the green light to a return to light touch regulation.
The decision to back off was announced with cynical timing by the FCA on New Years Eve as reported by the Independent among others
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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