MPs and peers slam “incompetent at best, dishonest at worst” FCA
A cross-party group of MPs and peers has hit out at the Financial Conduct Authority and demanded substantial changes after its call for evidence found the regulator “is seen as incompetent at best, dishonest at worst”.
According to the All Party Parliamentary Group, the watchdog’s actions are “slow and inadequate, its leaders opaque and unaccountable. The picture painted is not pretty.”
The APPG on Investment Fraud and Fairer Financial Services spent over two and half years collating evidence from 175 people including whistleblowers, victims of regulatory failure as well as current and former FCA employees.
Together, these proposed reforms would result in a more agile, responsive, transparent and accountable
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