Gina Miller calls for FCA chair Charles Randell's resignation over compensation scheme

Regulator accused of anti-consumer behaviour

Pedro Gonçalves
clock • 2 min read

Gina and Alan Miller of the True & Fair Campaign are calling for the resignation of Charles Randell, chair of the Financial Conduct Authority (FCA) over the compensation scheme for victims of financial loss.

Gina and Alan Miller claim the FCA has taken "anti-consumer and potentially unlawful steps" in relation to compensating victims. Under the updated FCA's complaints scheme, any compensatory payment should normally be made only in circumstances in which an individual has "suffered a quantifiable financial loss caused solely or primarily by the actions or inaction of the FCA" and that payment will not, "typically", cover the full loss. Gina Miller slams FCA's 'scandalous' compensation review In an open letter to Randell, Gina and Alan Miller say the FCA is avoiding compensating victims w...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA dismisses British Steel complaints after lengthy investigation

FCA dismisses British Steel complaints after lengthy investigation

Regulator acknowledges decision will be ‘disappointing’ for complainants

Jenna Brown
clock 22 April 2024 • 2 min read
Agile IT needed as rapid regulation change becomes the norm

Agile IT needed as rapid regulation change becomes the norm

'Gone are the lengthy consultation and rule-setting cycles that often took several years'

Paul Muir
clock 15 April 2024 • 6 min read
Leveling up the playing field when it comes to picking skilled persons

Leveling up the playing field when it comes to picking skilled persons

Given the prerequisite for accuracy, a rigorous selection process is essential

Richard Farr
clock 15 April 2024 • 4 min read