M~~ FINANCIAL CONDUCT AUTHORITY 25 The North Colonnade Canary Wharf London The Rt Hon. Nicky Morgan MP Chair of the Treasury Select Committee House of Commons Committee Office London SW1A OAA E14 5HS Tel +44 (0)20 7066 1000 Fax. +44 (0)20 7066 1099 www.fca.mg .uk 6 March 2018 Our Ref: Your Ref: Co-op Bank: Independent Inquiry Thank you for your letter of 19 Febr uary 2018 addressed to Andrew Bailey. As noted in your letter, Andrew is conflicted in this matter, so I am responding to you as a Non-Executive Director of the FCA Board. In November 2013, at the time of its announcement that there would be an independent inquiry into events at Co-op Bank, HM Treasury also stated that the inquiry would not start until it was clear it would not prejudice any actions that the PRA or FCA might take, including enforcement investigations. Enforcement action has now concluded, and we have published a Final Notice today. HM Treasury has today published on its website the direction to the PRA to conduct an independent inquiry, and the FCA will be co-operating fully with this inquiry. Ki ley Fried ~ Non-Executive Director FCA Board Registered as a Limited Company in England and Wales No. 1920623. Registered office as above.