When lawmakers slam the U.K.’s chief financial regulator as “incompetent,” it not only opens the doors for others to pile criticism on it, but it sparks a debate about how the organization can be improved–or removed.
In November, Members of Parliament (MPs) released a stinging report into the effectiveness of the Financial Conduct Authority (FCA) that said the regulator is not fit for purpose. The All Party-Parliamentary Group report (APPG) said the regulator is seen as “incompetent at best, dishonest at worst”; its actions “slow and inadequate”; and its leaders “opaque and unaccountable”.
