A controversial decision by the Financial Conduct Authority (FCA) to drop its investigation into the culture at the UK's biggest banks was overseen by a Bank of England (BoE) official, according to reports.
The move by the FCA raised questions of political meddling and pressure from the Treasury in the working of the independent statutory body. Financial advisers - who have been subject to a series of FCA reviews into their culture, as well as far-reaching regulation to improve standards such as the Retail Distribution Review - have been among those to cry foul at the decision. An investigation by the Financial Times has uncovered documents that show Megan Butler, an executive director at the BoE Prudential Regulation Authority (PRA), was one of the key figures overseeing the FCA's plans...
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