The report concluded the FCA was "incompetent at best, dishonest at worst," highlighting severe criticism regarding the regulator's inefficacy and lack of accountability.
The group of MPs stated that the FCA's actions were "slow and inadequate," and pointed out a culture of errors and inaction prevalent within the organization.
A former FCA employee described the regulatory body's work environment as having "the worst staff culture I have ever experienced in nearly 40 years," emphasizing significant internal issues.
Despite the backlash, the FCA's spokesperson insisted that the organization has learned from past mistakes and transformed to better serve consumers and the market.
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