FCA branded incompetent26 Nov 2024 06:34
2 hours ago
A group of MPs and Peers have published a scathing report on the UK's main financial regulator, the Financial Conduct Authority (FCA).
Describing it as "incompetent", they say the FCA is "too often failing" to perform its functions and are calling for it to be overhauled.
The regulator has been heavily criticised by several independent reviews in recent years.
The FCA did not see the full report ahead of publication but a spokesperson told the Financial Times, external: “We sympathise with those who have lost out as a result of wrongdoing in financial services, however we strongly reject the characterisation of the organisation."