Canary Wharf (3)

Leaders of the Financial Conduct Authority (FCA) have been summoned for questioning by MPs on why a major inquiry into banking culture was scrapped.

The City regulator John Griffith-Jones and acting chief executive Tracey McDermott will appear before the Treasury Select Committee. Chair of the committee, Andrew Tyrie, told the BBC that the decision to shelve the inquiry was "odd".

The FCA announced its decision to ditch the inquiry on New Year's Eve, explaining that it would instead “engage individually” with banks to improve culture.

There was public anger when the inquiry was scrapped, given the billions of taxpayer pounds pumped into the banks during the financial crisis. Mr Tyrie said it was important that MPs and government hold banks, and the regulators, accountable for their conduct.