Treasury Select Committee Member John Mann MP has said that today’s report by the New City Agenda think tank shows the damage that was done to the FCA by the former Chancellor George Osborne.
The report by New City Agenda highlights the changes brought into the regulator following the sacking of Martin Wheatley in 2015 and George Osborne’s new deal with the City which saw a change of approach to regulation.
John Mann MP said “This report shows the damage that was done to the FCA by George Osborne following his sacking of Martin Wheatley. George Osborne put the big banks' wishes before the public's need for a strong, robust and independent regulator.”
John Mann continued “The task before Andrew Bailey and the new leadership is clear, they need to restore trust and ensure that they meet the challenges of Brexit and politicians need to give them the support and independence to do this.”