Former bank employee seeks judicial review into watchdog’s failure to investigate statement that cost staff billions of pounds.
The City watchdog failed to thoroughly investigate a serious allegation of market abuse during Andrew Bailey’s tenure as chief executive, a whistleblower has claimed in documents filed at the High Court.
Former NatWest employee Mark Wright alleges that the Financial Conduct Authority has been complicit in a long-running cover-up of market abuse by former Royal Bank of Scotland executives that wiped out billions of pounds of employees’ savings.
He has filed court papers requesting permission for a judicial review into how his complaint against the FCA was handled.
In the application, he alleges that former FCA boss Mr Bailey, now governor of the Bank of England, misled him regarding what the regulator knew about the matter.
“I believe [the FCA] have completely failed to investigate serious allegations from a whistleblower,” Sir Norman wrote in a letter supporting Mr Wright’s application.
Mr Bailey, who headed up the regulator from July 2016 to March last year, did not respond to a request for comment.