A public review of Britain's banking culture has been scrapped just months after it was announced. One lawmaker branded the move a ''surrender'', but regulators say they want to work individually with banks to deliver change. David Pollard reports.
Banker bashing is still in fashion for a UK public still angry after the 2007-2009 financial crisis. But it appears to be going out of vogue for the UK establishment. British regulators are scrapping a public review of UK banking culture - just months after it was announced. One lawmaker branded the move a "surrender" to the big banks. But the Financial Conduct Authority says, instead, it wants to "engage individually with firms" to deliver change. Panmure Gordon chief economist, Simon French. (SOUNDBITE) (English) PANMURE GORDON CHIEF ECONOMIST, SIMON FRENCH, SAYING: "I don't think a single inquiry either being launched or, indeed, being scrapped represents an important milestone either way. What is important is that, all the time, there is an appropriate regulatory regime that has the social trust of the UK population." The move may though add to perceptions that regulators are softening their approach. Market-rigging scandals including foreign exchange and interest rate benchmarks led to multi-million dollar fines for Barclays, HSBC and others. Another lawmaker saying regulators had missed an opportunity to look at what is best practice for the industry.