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‘Incompetent’ FCA risks misconduct in financial services, UK lawmakers say

By Phoebe Seers and Sofia Gerace ( November 26, 2024, 06:30 GMT | Insight) -- A damning report into the operation of the UK’s financial services watchdog has warned of the risk of high levels of misconduct and poor customer outcomes without a change in the culture at the regulator. Testimony received by a cross-party group studying financial services has accused the Financial Conduct Authority of slowness, inaction, complacency, capture, opacity, unaccountability and even dishonesty. It has called for the creation of a new body with powers over the regulator as well as legislative reform. A damning report into the operation of the UK’s financial services watchdog has warned of the risk of high levels of misconduct and poor customer outcomes without a change in the culture at the regulator. ...

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