3 sources·Business

Call for Reform as UK Financial Watchdog Faces Criticism

A report by MPs labels the UK's FCA as incompetent and unfit for purpose following multiple scandals and failures to protect consumers from fraud.

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Updated: Nov 26th, 2024, 2:19 PM ET

Summary

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A cross-party group of UK MPs has published a report condemning the Financial Conduct Authority (FCA) as 'incompetent' and 'dishonest'. This follows various scandals where the FCA failed to protect consumers from investment frauds. The report highlights a toxic culture within the organisation, and calls for immediate reforms including stronger oversight and changes to leadership appointments. Witness testimonies reveal a dysfunctional environment where whistleblowing is discouraged. The FCA claims to have transformed since past issues but the report insists urgent action is needed to restore trust in the regulator.

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