Canary Wharf -based The Financial Conduct Authority has scrapped plans for a review into Britain’s banking culture.

The watchdog, based in North Colonnade, had originally outlined details for an investigation following the Libor-rate rigging scandal which hit banks including Barclays, in Churchill Place.

The foreign exchange incidents cost the firms billions of pounds in fines.

After just a few months the organisation has instead opted to “engage individually with firms” to promote a “cultural change.”

Reports on the East Anglican Daily Times website suggest the change of focus follows the resignation of FCA chief executive Martin Wheatley in July.

Chancellor George Osborne had refused to renew his contract which ended in March 2016.

Meanwhile, a statement from the FCA said the culture within financial services remained a “priority”.

It said: “There is currently extensive on-going work in this area within firms and externally.

“We have decided that the best way to support these efforts is to engage individually with firms to encourage their delivery of cultural change as well as supporting the other initiatives outside the FCA.”

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