All-Party Parliamentary Group calls for full statutory inquiry into business banking sector

The Co-Chair of the All-Party Parliamentary Group on Fair Business Banking has written to Andrew Bailey of the FCA in the wake of the FCA’s announcement that it was unable to take further action in relation to its investigation of RBS’ treatment of business customers.

The letter calls for further information and action on a number of points, and in particular focuses on the wider regulatory environment and additional powers and bodies that might be needed to enforce conduct of business infringement cases.  It also falls for a full public inquiry to investigate the ‘complex’ relationship between financial institutions, their advisors and related professions, and the regulatory framework in which they operate.