Category: Treasury Select Committee (TSC)

#Brexit: UK pro-actively considers cancelling & withdrawing from Solvency II

The UK’s House of Commons Treasury Select Committee (TSC) has finally* launched its Solvency II inquiry. The inquiry will look at “the introduction and operation of Solvency II“, its “strengths and weaknesses“, and its “status in the context of insurance regulation internationally“. This will “supplement [the TSC’s] work on the [post-Brexit] relationships … the […]

Treasury Select Committee criticizes the way the FCA treats whistleblowers

The Treasury Select Committee (TSC) and the Financial Conduct Authority (FCA) have been exchanging letters about the FCA’s treatment of whistleblowers in general, and the SME Alliance, in particular. Like the Parliamentary Commission on Banking Standards before it, the TSC seems less than impressed by what it’s found.

UK Treasury Select Committee asks the PRA to make sure it’s not being too intrusive

The UK’s Treasury Select Committee (TSC) has just published an exchange of correspondence between Andrew Tryie MP (Chair of the TSC) and Andrew Bailey (CEO of the Prudential Regulation Authority (FCA)). In his last letter, Tyrie asks the PRA to reassure the TSC that the PRA is not being too intrusive. Tyrie […]

UK Treasury Select Committee presses PRA to relax ‘doctrine’ of supervisory confidentiality

The UK’s Treasury Select Committee (TSC) has just published an exchange of correspondence between Andrew Tyrie MP (chair of the TSC) and Andrew Bailey (CEO of the Prudential Regulation Authority (PRA)). The correspondence is mainly about bank capital; but, in his last letter, Tyrie expresses concern about the “‘doctrine’ of supervisory confidentiality“, and “the danger … […]

UK Treasury Select Committee to investigate adequacy & appropriateness of crowdfunding regulation?

The Chairman of the Treasury Select Committee (TSC), Andrew Tyrie MP, has written to the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) about crowdfunding. Although he doesn’t say so in terms, Tyrie almost certainly had the recent collapse of two crowdfunded UK companies in mind, when he put pen to paper.

How can a whistleblower protect himself against the UK’s Financial Conduct Authority?

On 18 January 2016, the SME Alliance, a not for profit organisation set up to support small and medium sized enterprises, wrote to Andrew Tyrie, the chair of the UK’s Treasury Select Committee. In its letter, the Alliance alleged that at least two UK banks had “manipulated or falsified [documents] […]

House of Commons debates a “no confidence in the FCA” motion – but doesn’t vote

The UK’s House of Commons debated, but chose not to vote on, a “no confidence in the FCA” motion last night. For many this was a relief because, if the motion had carried, it would have been based on a false premise and badly damaged the FCA, the City and the UK. A false […]