Treasury Select Committee opens FCA inquiry

In July the TSC announced in its report on the Retail Distribution Review (RDR) it would investigate the accountability of the FCA. The FCS will form part of the new regulatory structure, along with the Prudential Regulatory Authority (PRA), which will replace the Financial Services Authority (FSA). Chris Leslie MP, shadow financial secretary to the Treasury, has previously criticised the "twin peaks" structure of the FCA and PRA, and said it will clash with EU regulation. TSC chairman Andrew Tyrie MP (pictured) said: "No institution, however powerful, should be unaccountable. It i...