John McDonnell responds to Asleep at the Wheel report
John McDonnell MP, Labour’s Shadow Chancellor, commenting on the ‘Asleep at the Wheel’ report on the FCA and Andrew Bailey, said:
“This report reinforces that we were right to call on the last Chancellor on several occasions to postpone the installation of Andrew Bailey in office as Governor until there had been an independent review of his role at the FCA. I wrote to the former Chancellor and raised this issue in Parliament but to no avail.
“This report is pretty damning and confirms Labour’s proposal last year for a major reform of our overall regulatory system. Nothing short would risk further rip offs of honest investors.”