MPs brand UK financial regulator 'incompetent'

We have learned from historical challenges and transformed ourselves as an organization to better serve consumers, markets and the wider economy, he added.

The external report, due to be presented to parliament later on Tuesday, was prepared by a cross-party interest group and is based on written testimony from 175 respondents collected over two and a half years.

These included whistleblowers, victims of fraud, and current and former employees of regulators.

The report concluded that the FCA was “at best incompetent, at worst dishonest”, its actions were “slow and inadequate” and its leaders were “opaque and unaccountable”.

The FCA failed to properly investigate and act on information provided by the whistleblower and said the change program the regulator had undertaken “did not work”.

The report was conducted by the All-Party Congressional Group on Investment Fraud and Fair Financial Services, comprised of 30 House members and 14 senators.

Current and former FCA employees said the regulator had a flawed culture where errors and inaction were “too common.”

A former FCA employee told a parliamentary group he had experienced “the worst employee culture I have experienced in almost 40 years”.

One current FCA employee said he tried to raise “serious and challenging questions” but was “criticized, harassed and ignored”.

People who challenged the top-down “official line” on certain issues “were ostracized, discriminated against, or even unmanaged,” some current and former employees said.

Proposed reforms (some of which require legislation) include:

The report comes after a series of scandals in which financial services firms were accused of abusing consumers and small businesses, and the FCA was accused of doing “too little or too little” to prevent wrongdoing, said co-director Bob Blackman. said. Chairman of the group.

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