Andrew Tyrie

Getting it right securing better protection for consumers and markets while at the same time ensuring they don't make life unduly burdensome for business, from which everyone would ultimately be the loser is a big undertaking. The Committee will want assurance from the FCA that it is up to the job.

In the course of the investigation (into HBOS) by the regulators the FRC was invited, but turned down, the opportunity to launch an investigation into HBOS's auditor, that was a serious mistake. It is now essential, in the interests of public confidence, that the FRC get on with this investigation, and without delay.