The UK’s top financial conduct regulator will assemble the heads of wholesale banking at the biggest lenders for a private summit, according to two people familiar with the situation.
It is believed that the summit isn’t for discussing one particular topic but more for the regulator to start building bridges between the regulator and the banking industry after years of banker bashing, fines and financial scandals.
Tracey McDermott, the acting chief executive of the Financial Conduct Authority, will lead the meeting, scheduled to take place in mid-January, the people said.
McDermott, the FCA’s former head of enforcement, has been meeting with top bank chiefs since taking the reins from predecessor Martin Wheatley in September, one of the people said.
The Conservative, government, elected for a second term in May, has rowed back on rules that would make senior executives guilty until proven innocent in the event of a scandal, scaled back the banking tax, and removed Martin Wheatley — who was seen as an intrusive regulator — as FCA chief.
Wheatley started a probe into anti-competitive practices in the wholesale banking industry last year.
Wholesale banking refers to the services banks provide to big corporate clients and investors, such as underwriting deals and making markets for stocks and bond trading.