FCA independence called into question by expert review

The review by an unaffiliated consultancy said the FCA board's powers with respect to making independent decisions are limited, and external interventions "can have dramatic effects on the organisation". The findings follow revelations that the Bank of England was involved in a recent highly criticised decision by the regulator to drop a probe into culture at some of the UK's biggest banks. It emerged this week Megan Butler, an executive director at the BoE Prudential Regulation Authority (PRA), was one of the key figures overseeing the FCA's plans to scrap the review. Butler joine...