James Moore: Discipline and the watchdogs
Outlook When it comes to the disciplinary process, one suggestion that appears to be gaining traction is making the FCA's "Regulatory Decisions Committee" fully independent of the FCA.
The RDC is the first adjudicator when it looks like the watchdog is set for a fight with a person or company in the cross hairs of its enforcers. The idea of cutting it loose from the FCA is presumably that this might lead to better decision making, a more robust process generally, and less whining from miscreants.
Some hope. City cheats are like sports drug cheats. They never admit anything until it's proven beyond not just all reasonable but beyond all possible doubt. And then they bitch about the process and try to exploit technicalities.
But the fact is there is a fully independent tribunal which was set up to hear their pleas, and which has proved perfectly willing to intervene when the FSA got things wrong. As it did with Legal & General over endowment misselling (the insurer won a partial victory).
It was after this affair, when the regulator was made to look very foolish in what amounted to an open court, that the RDC was bolstered and made more powerful.
Senior people who have worked in the field have told me this made the job of enforcing discipline more difficult. Could that be one reason that so many senior bankers got off? It might be.
The tribunal, whose decisions are subject to judicial review, should be sufficient to keep the watchdog honest. So why not simply cut the RDC out of the equation?
- 1 Technology company Alibaba posts job advert asking for 'stunning' women with qualities of adult film actress Sora Aoi
- 2 How the language you speak changes your view of the world
- 3 'Fire at every person you see': Israeli soldiers reveal they were ordered to shoot to kill in Gaza – even if the targets may have been civilians
- 4 Italian police 'reveal' what Jesus looked like as a young boy
- 5 Uploading pictures to find out how old you are gives Microsoft the right to post them wherever they want
'Fire at every person you see': Israeli soldiers reveal they were ordered to shoot to kill in Gaza – even if the targets may have been civilians
Italian police 'reveal' what Jesus looked like as a young boy
Who should I vote for? The Independent quiz matches best political party for undecided voters ahead of the general election
First-time buyers in London 'need to earn at least £77,000'
General Election 2015: Photographic history of Bullingdon Club tracked down - including new picture of David Cameron in his finery
In defence of liberal democracy
Over 50,000 families shipped out of London boroughs in the past three years due to welfare cuts and soaring rents
EU asylum policy is 'a direct threat to our civilisation', says Nigel Farage
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
iJobs Money & Business
£20000 - £25000 per annum + Uncapped commission: SThree: Can you speak German,...
£25000 - £30000 per annum + benefits: Ashdown Group: An exciting opportunity f...
£215 per day: Ashdown Group: Junior Project Manager (website, web application ...
£40-50K: Guru Careers: We are seeking an experienced Software Engineer / Softw...