This petition was submitted during the 2015-2017 parliament
Rejected petition Direct the FCA to reinstate its banking culture inquiry
Poor behaviour by banking staff caused (and continues to cause) hardship throughout the country. The FCA, rightly, intended a major investigation into the culture, behaviour and pay of staff in banking. It has now decided not to go ahead. It is vital that we learn what we can to avoid future crises.
More details
This is not "banker bashing". It is a sincere attempt to gather information on:
1. what has been going wrong
2. how the culture that exists (apparently unchanged) within banks contributes
3. what can be done to encourage, persuade or require banks to change their systems, processes and goals in order to reduce the risk of future crises
This petition was rejected
Why was this petition rejected?
It’s about something that the UK Government or Parliament is not directly responsible for.
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
We only reject petitions that don’t meet the petition standards.