The Financial Conduct Authority (FCA) is failing to perform its functions properly and its integrity has been questioned in a scathing report from MPs published today (26 November).
The All-Party Parliamentary Group (APPG) Investment Fraud and Fairer Financial Services report collated the written testimonies from 175 individuals, "who have engaged with the [FCA] other than through the normal course of working in the industry". According to the APPG, the FCA "too often fails to perform its functions to a reasonable standard", with particular gaps in performance noted across its consumer protection field, where the regulator is "slow to spot and identify fraud and other misconduct". APPG said the reactions provided by the FCA in this kind of wrongdoing scenarios we...
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