At the start of the year, Nadhim Zahawi was allowed to remain chairman of the Conservative Party and minister without portfolio until an internal investigation into his disclosure of his tax affairs was completed and reported to the prime minister. This internal investigation was remarkable in its rapidity – just six days – and the lack of reply afforded to its individual subject, Mr Zahawi.
For individual bankers regulated by the Financial Conduct Authority (FCA) and/or certified by their banks, times could be a-changing too. Mark Steward, the long-standing FCA director of enforcement, is standing down next month, coinciding with a review of the FCA’s Senior Managers and Certification Regime (SM&CR).
