Law360, London (July 27, 2016, 10:29 PM BST) -- Incompetence and basic failings at the senior management level have hampered the U.K. financial regulator's ability to supervise big banks, lawmakers said Wednesday after the publication of internal audit reports.After forcing the Financial Conduct Authority to release redacted internal audit notes, the House of Commons' influential Treasury Committee, a government scrutiny body, revealed its doubts over the watchdog's ability to sufficiently police London's financial sector.“These latest reports highlight concerns over, among other things, the level of specialist support for those supervising the wholesale activities of retail banks, and the extent to which the supervision strategy adopted across the largest... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
The Financial Conduct Authority (FCA) has been accused of incompetence and basic failings after the publication of internal audit reports. In a report published on Thursday, it was revealed that the FCA had failed to follow up with its own investigation into the matter.