The picture painted is not pretty. The FCA is seen as incompetent at best, dishonest at worst. Its actions are slow and inadequate, its leaders opaque and unaccountable. Financial crime is a massive problem in the UK, making it vital that the watchdog is delivering on its objective to provide consumer protection.
The group heard tragic tales of regulatory failure causing enormous financial and emotional distress. Some of the most compelling evidence came from current and former employees of the regulator, who depict its culture and leadership as profoundly defective from the top down.
The report concluded after a three-year examination that the FCA, criticized in several independent reviews, is failing on its mandate to protect consumers and enforce regulations.
Chancellor Rachel Reeves mentioned that the FCA should encourage more sensible risk-taking across the City, highlighting the regulator’s significant pressures amidst calls for a major overhaul.
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