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| Banking culture inquiry shelved by regulator FCA | Banking culture inquiry shelved by regulator FCA |
| (about 1 hour later) | |
| City regulator, the Financial Conduct Authority, has dropped its plans to conduct an inquiry into the culture and behaviour of staff in banking. | City regulator, the Financial Conduct Authority, has dropped its plans to conduct an inquiry into the culture and behaviour of staff in banking. |
| The FCA had planned to see whether pay, promotion and other incentives contributed to misconduct seen in previous years. | |
| The review was meant to be a major piece of work by the watchdog. | |
| The FCA said it was working with individual firms to help them deliver "cultural change". | The FCA said it was working with individual firms to help them deliver "cultural change". |
| BBC acting chief economics correspondent Simon Jack said shelving the review would be seen by many as further evidence that regulators and the government wanted to take a softer line with the banks after years of tougher regulation, a surcharge on profits and large fines. | |
| The government was keen the UK did not lose its appeal to global banks such as HSBC which was reviewing whether London was the best site for its headquarters, he said. | |
| However, he added that critics would say that tough action was entirely appropriate after years of misconduct and the culture driving that misconduct is the most important piece of the puzzle. | |
| In a statement, the FCA said a focus on the culture in financial services firms remained a priority. | |
| "There is currently extensive ongoing work in this area within firms and externally," it said. | |
| "We have decided that the best way to support these efforts is to engage individually with firms to encourage their delivery of cultural change as well as supporting the other initiatives outside the FCA." |