‘Incompetent’ FCA slammed by MPs

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Financial Times 10h ago

‘Incompetent’ FCA slammed by MPs - Financial Times

Quick Summary:

An almost three-year examination of the FCA, which collected evidence from 175 fraud victims, whistleblowers and former employees of the watchdog, found it was suffering from “very significant shortcomings”.

Reform proposals include setting up a supervisory council to review the effectiveness of the FCA, changing how it is funded, stripping it of immunity from civil liability to consumers, and restricting moves between the regulator and the private sector.

If this happened, it suggested an Australia-style Royal Commission to redistribute some of the watchdog’s responsibilities to other institutions.“The picture painted is not pretty,” the report, which runs to more than 300 pages, said.“The FCA is seen as incompetent at best, dishonest at worst.