24th July 2015
The City watchdog visited Barclays bank more than twice as much as the most-visited British bank last year.
A Freedom of Information request by Bloomberg revealed the Financial Conduct Authority (FCA) visited the bank 186 times last year, or four times a week.
The size and complexity of the bank, which has been at the heart of banking scandals such as Libor rigging, are part of the reason it received so many visits. The bank had 48,600 employees at the end of 2014.
HSBC took the second place in the most-visited bank, with 85 visits from the FCA. Of the high street bank RBS had 65 and Lloyds had 58.
When it came to US banks, Citigroup had 57 meetings with the regulator, Goldman Saches met with regulators 44 times and Deutsche Bank had 46 meetings.
However, Tracey McDermott, head of wholesale supervision at the FCA, said she was looking to cut down on the number of routine visits to firms and will instead focus on comparing good and bad practice at banks.
She told Bloomberg that if the FCA Can say to bank ‘this is what your competitors do and they manage to do it in a profitable and compliant way so you should be able to, that’s much more powerful’.