After hearing from Lex Greensill, the Treasury select committee has been taking evidence from the Financial Conduct Authority.
scandal, and said the FCA often appeared to be"playing catch-up". She asked whether the FCA would be investigating the matter were it not for the Treasury select committee's interest.
Mr Randell was later asked a similar question by the Labour MP Siobhain McDonagh. The Labour MP for Mitcham and Morden, who on Tuesday had directly asked Greensill's founder and former chief executiveif he was a fraudster, tried to get Mr Randell to say whether he would have done things differently in 2018 with the benefit of hindsight. Mr Randell replied that, when he judged his past actions, he tried to do so on the basis of what he had known at the time.
Pointing out that the FCA had recently brought a case against a taxpayer-owned bank, Mr Rathi insisted it would be. This was relevant to the Greensill investigation because one arm of Greensill had piggybacked off US-based but UK-licenced Mirabella Advisers under 'appointed representative' regulation dating back to the 1980s.
Mr Rathi said there were specific areas such as money market funds where there was a significant focus and where the FCA was working with the Bank of England and other watchdogs to set up a global regulatory framework.
Mr Rathi refused to be drawn on the issue of 'prospective receivables' - where Greensill issued funding against potential future invoices - as he said this would be a matter for the FCA's investigation.
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