Yes, I am comparing the FCA to a reptilian monster

Problems regrow with the new financial services regulator.

Monday’s handover of responsibility for UK financial services regulation from the FSA to the new Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA) had a touch of Hercules’ second labour about it.

For the less classically inclined among you, that’s the one where Hercules lops the head off the Lernaean Hydra, only to find two heads growing back from the stump. And while I don’t intend to be malicious in comparing our new regulators to an aggressive reptilian monster, the multiple heads part at least is quite apt.

Because as well as the obvious duality of the new status quo – the PRA will supervise lenders as an arm of the Bank of England while independent agency the FCA will concentrate on ensuring good behaviour among the same pool of companies – there’s also a serious split in priorities for the new bodies.

Commenting on this week’s changing of the guard in finance, the FT’s Brooke Masters called the sector that the FCA and PRA were opening their doors to “reviled and weary” – two well chosen words.

Reviled because, as was pointed out in a report by KPMG last week. reputational issues and the restoration of consumer trust are set to be the biggest challenges faced by lenders in the months and years to come. After all, it was disappointment over the old FSA’s failure to avert the boom and bust of the late 2000s that led to George Osborne announcing the new regime back in 2010.

Weary because, having experienced a more severe drubbing in 2008 than most of the world’s financial centres, and with a UK economy still barely hovering beyond the grip of recession, financial institutions of all kinds are desperate for room to grow.

On the one hand, the new regulators have consumers (and those who rely on their votes) expecting a bloody-knuckled champion, and banks begging for a pair of watchdogs that won’t drown them in twin torrents of red tape.

The situation is summarised nicely on the FCA’s home page, where a photograph of a woman on a British high street, captioned “Making sure consumers get a fair deal” sits alongside an image of a confident-looking businessman, captioned “Making markets work well”. The consumer and the businessman are facing in different directions.  

Photograph: Getty Images

By day, Fred Crawley is editor of Credit Today and Insolvency Today. By night, he reviews graphic novels for the New Statesman.

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What is the Scottish Six and why are people getting so upset about it?

The BBC is launching a new Scottish-produced TV channel. And it's already causing a stooshie. 

At first glance, it should be brilliant news. The BBC’s director general Tony Hall has unveiled a new TV channel for Scotland, due to start broadcasting in 2018. 

It will be called BBC Scotland (a label that already exists, confusingly), and means the creation of 80 new journalism jobs – a boon at a time when the traditional news industry is floundering. While the details are yet to be finalised, it means that a Scottish watcher will be able to turn on the TV at 7pm and flick to a Scottish-produced channel. Crucially, it will have a flagship news programme at 9pm.

The BBC is pumping £19m into the channel and digital developments, as well as another £1.2m for BBC Alba (Scotland’s Gaelic language channel). What’s not to like? 

One thing in particular, according to the Scottish National Party. The announcement of a 9pm news show effectively kills the idea of replacing News at Six. 

Leading the charge for “a Scottish Six” is John Nicolson, the party’s Westminster spokesman for culture, media and sport. A former BBC presenter himself, Nicolson has tried to frame the debate as a practical one. 

“Look at the running order this week,” he told the Today programme:

“You’ll see that the BBC network six o’clock news repeatedly runs leading on an English transport story, an English health story, an English education story. 

“That’s right and proper because of the majority of audience in the UK are English, so absolutely reasonable that English people should want to see and hear English news, but equally reasonable that Scottish people should not want to listen to English news.”

The SNP’s opponents think they spy fake nationalist outrage. The Scottish Conservatives shadow culture secretary Jackson Carlaw declared: “Only they, with their inherent and serial grievance agenda, could find fault with this.” 

The critics have a point. The BBC has become a favourite punch bag for cybernats. It has been accused of everything from doctored editing during the independence referendum to shrinking Scotland on the weather map

Meanwhile, the SNP’s claim to want more coverage of Scottish policies seems rather hollow at a time when at least one journalist claims the party is trying to silence him

As for the BBC, it says the main reason for not scrapping News at Six is simply that it is popular in Scotland already. 

But if the SNP is playing it up, there is no doubt that TV schedules can be annoying north of the border. When I was a kid, at a time when #indyref was only a twinkle in Alex Salmond’s eye, one of my main grievances was that children’s TV was all scheduled to match the English holidays. I’ve migrated to London and BBC iPlayer, but I do feel truly sorry for anyone in Glasgow who has lost half an hour to hearing about Southern Railways. 

Then there's the fact that the Scottish government could do with more scrutiny. 

“I’m at odds with most Labour folk on this, as I’ve long been a strong supporter of a Scottish Six,” Duncan Hothershall, who edits the Scottish website Labour Hame. “I think the lack of a Scotland-centred but internationally focused news programme is one of the factors that has allowed SNP ministers to avoid responsibility for failures.”

Still, he’s not about to complain if that scrutiny happens at nine o’clock instead: “I think the news this morning of a new evening channel with a one hour news programme exactly as the Scottish Six was envisaged is enormously good news.”

Let the reporting begin. 

Julia Rampen is the editor of The Staggers, The New Statesman's online rolling politics blog. She was previously deputy editor at Mirror Money Online and has worked as a financial journalist for several trade magazines.