The FCA and PRA have been accused of having “a deep seated culture of box-ticking”.

Treasury Committee chairman Andrew Tyrie MP has written to Andrew Bailey, chief executive of the Prudential Regulation Authority, to highlight concerns about the amount of public disclosure of supervisory information.

Plans have been revealed to bolster the FCA’s and PRA’s decision-making on enforcement.

An influential group of MPs should get a veto on firing and hiring new senior FCA and PRA bosses, the chairman of the Treasury Committee says.