The Treasury Select Committee tabled an amendment to the Bank of England and Financial Services Bill today that would allow MPs to reject the hiring and firing of the Financial Conduct Authority (FCA) boss.
“More of the most powerful appointments should be subject to full pre appointment scrutiny,” committee chair Andrew Tyrie said. “The government continues to disagree, appealing to the ‘market sensitivity’ of these appointments. That is not an adequate explanation.”
The amendment comes one month after the Treasury named Prudential Regulation Authority (PRA) boss Andrew Bailey as the new FCA chief executive. Chancellor George Osborne sacked former FCA boss Martin Wheatley last summer.