The chair of Parliament's influential Treasury Select Committee has secured a deal allowing it to interview the next FCA chief executive ahead of their appointment.
Andrew Bailey was named as the incoming FCA leader in January, with Committee chair Andrew Tyrie calling for MPs to be handed power of veto on future appointments just a month later in a bid to entrench the regulator's independence from government.
Tyrie tabled the proposal as an amendment to the Bank of England and Financial Services Bill, currently being debated in Parliament, suggesting that the Government would be barred from appointing or dismissing an FCA chief executive without the support of the Treasury Committee, mirroring a similar function on the Office for Budget Responsibility.
However, Money Marketing understands that in a deal reached with the Government, the Committee will instead gain a new right for a public pre-appointment hearing with the Government's preferred candidate for the role.
If the Committee does not approve the nomination, then it will issue a report outlining its objections, with the matter referred to a vote in the House of Commons, and the Government bound to the result.
A spokesman for the Committee could not be reached for comment.
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