MPs question FCA's integrity in scathing report

"Too often fails to perform its functions to a reasonable standard"

clock • 3 min read

The Financial Conduct Authority (FCA) is failing to perform its functions properly and its integrity is being called into question, according to a report published today (26 November, 2024).

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 scenar...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

FCA proposes reduction of data reporting for firms

FCA proposes reduction of data reporting for firms

Supports regulator’s aim to ‘reduce burden’

Isabel Baxter
clock 17 April 2025 • 2 min read
Christine Elliott departs as PFS chair

Christine Elliott departs as PFS chair

Carla Brown takes the role

Isabel Baxter
clock 15 April 2025 • 2 min read
FCA takes aim at bereavement and PoA policies

FCA takes aim at bereavement and PoA policies

Good and bad practices released

Cameron Roberts
clock 14 April 2025 • 3 min read