This petition was submitted during the 2015–2017 Conservative government
Rejected petition 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.
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The decision to back off was announced with cynical timing by the FCA on New Years Eve as reported by the Independent among others
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.