after failed probe into banking culture and sacking of ceo Martin Wheatley

Staff morale at the City watchdog has slumped after it was criticised for rolling over in the face of opposition from major banks. An internal survey reveals Financial Conduct Authority employees are losing confidence in their bosses following the high-profile sacking of former chief executive Martin Wheatley who had won praise from campaigners for his combative approach. Just half of the 2,272 staff who took part had a favourable view of senior managers – down 7 per cent on the previous year. The FCA dished out a record £1.5billion in fines in 2014 and was praised for its investigation of the foreign exchange-rigging scandal. But Wheatley’s dismissal saw it accused of becoming an industry stooge. And a major FCA inquiry into banking culture was shelved in December, leading to outcry from campaign groups. The FCA declined to comment.....Read more here