TSC: FSA failed consumers

Incoming chair of the FCA, John Griffith-Jones, must restore the credibility of the conduct regulator, the Treasury Select Committee (TSC) has said in a report out today, pointing to a much stricter regime in future. In a damning indictment of the FSA, the MPs branded the regulator the overseer of a "box-ticking culture whose benefits were far from evident", and said it left consumers exposed to "some of the worst scandals in UK financial history". The MPs also criticised the board of the FSA for appearing to fail in its oversight function. Griffith-Jones should not underestimate t...