MPs call for 'outdated' FCA to be split

Follows HBOS failures

A group of MPs have recommended the Financial Conduct Authority (FCA) be broken into two so one part focuses on finding rule-breaking banks and the other supervises the wider financial industry.

In a report entitled Review of the reports into the failure of HBOS, the House of Commons Treasury Committee has said the FCA is "outdated and can be construed as unfair". It suggests separating supervision and prosecution into two functions, stating the case "merits serious re-examination" and urged the Treasury to appoint an independent person to undertake a review, according to the BBC.  It criticises the old Financial Services Authority as well as the FCA, which replaced it in 2013, for their role in the HBOS bank saga which saw former HBOS chief Andy Hornby not being properly inv...