MPs clash over criticism of the Financial Conduct Authority

Tim Wallace
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A SENIOR Labour MP yesterday broke ranks with his colleagues on the treasury select committee (TSC), in a very public disagreement over the group’s criticism of the City watchdog.

John Mann said the TSC’s chairman had gone too far by claiming the Financial Conduct Authority (FCA) had problems with communication and governance.

“Andrew Tyrie’s heavy attack on the financial conduct regulator has not been agreed by TSC and would not have been. His heavy attack carries no authority,” Mann tweeted.

Last week, Tyrie criticised the FCA over its bungled announcement of insurance changes last year.

Yesterday Tyrie expressed frustration that it has taken a year to get hold of the FCA’s internal audit reports – and even the copies he is receiving are partly redacted.

Tyrie said problems “include the FCA’s communication methods, possible poor working relationships between divisions, the board’s effectiveness and insufficient focus by its staff on the FCA’s objectives, among other things.”

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