The UK’s financial regulator, Financial Conduct Authority, has been branded as “incompetent at best, dishonest at worst”, according to a report from a parliamentary committee.
The report, which concluded that the organisation suffers from “very significant shortcomings”, was published following an investigation into the FCA which took evidence from whistleblowers, former employees and fraud victims.
The All-Party Parliamentary Group on Investment Fraud and Fairer Financial Services is now calling for a fundamental overhaul of the watchdog.
Some employees, both past and present, told the parliamentary investigation that the organisation had a “defective culture” where anyone challenging the status quo was “bullied and discriminated against, or even managed out.”
