John Griffiths-Jones, chairman at the FCA, will be sending internal audit reports to the House of Commons in order for it be examined by the Treasury Select Committee.
The news comes on the back of the FCA’s review into life insurance policies, which led to millions being wiped off the value of British insurance firms.
Treasury Select Committee Chairman, Andrew Tyrie, commented: “The evidence from this episode suggests there maybe broader problems with the FCA, which range wide than points of processes and procedures”.
“These include the FCA’s communication process, possibly poor working relationships between the divisions, the board’s effectiveness, and insufficient focus by its staff on the FCA’s objectives”.
He added, “The publications of the internal audits reports will enable parliament and the public to follow the FCA’s progress in resolving these issues, and in increasing effectiveness”.
According to the Telegraph, the chairman of the FCA has previously not allowed the requests for the document to be widely available. In a letter he sent to the MP’s, he noted the internal audits to be the 3rd line of defence for the FCA and stated that “political scrutiny” will lead to FCA staff members being cautious about communicating freely.
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