Richard Samuel‘s article “Tools for Culture Change: FCA, now are you listening! Time to build an independent, low cost forum for conduct dispute resolution” has been published in Capital Markets Law Journal.
On 1 February 2016, in the Chamber of the House of Commons, MPs debated a motion of no confidence1 in the Financial Conduct Authority (FCA). On 20 July 2016, the new Chief Executive Officer of the FCA, Dr Andrew Bailey, gave evidence2 before the Treasury Select Committee. In his evidence he observed that the a good deal of the no confidence debate centred ‘around cases that involve those adjudication processes’3—such as the swap mass redress system. He also said this:
I do not think the FCA was really established or conceived to be an adjudication body. It is a regulatory or supervisory body. Now, this is not a criticism, but it has found itself in that role, and it has found itself creating–I do not know how many, but…
The article can be read here.
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