Tory peer calls for 'statutory independence' of FCA's Regulatory Decisions Committee - reports

Contested enforcement decision-maker

Conservative peer Andrew Tyrie is pushing for a reform of the Financial Services and Markets Bill to include a guarantee for the “statutory independence” of the Regulatory Decisions Committee - the FCA’s decision-maker for contested enforcement decisions.

The Financial Times reported today (5 June) that Lord Tyrie will this week table an amendment to the bill calling for "independently established resources" for the RDC.  He is also calling for the chancellor to appoint the RDC's chair, as well as the establishment of a paper trail of all interactions between FCA staff and the RDC. The RDC is a subcommittee of the FCA's main board, and it has had an independent legal team since 2005. The separation of the RDC from the rest of the FCA ensures that enforcement decisions are not  made by the FCA staff recommending action against a firm or...