A cross-party group of MPs has redoubled its attacks on the Financial Conduct Authority, saying the watchdog has been “disappointing, defensive and dismissive” in its response to criticism.
The group, which includes Jeremy Corbyn’s former shadow chancellor John McDonnell, said the FCA had been “unconstructive” since it published a report last year which said the regulator was failing customers.
Bob Blackman, chairman of the All-Party Parliamentary Group on Investment Fraud and Fairer Financial Service, said the FCA is in “denial” and “seemingly unable to absorb evidence-based criticisms being made of it”.
The initial report claimed the FCA – which regulates Britain’s financial sector – is too close to the companies it oversees, and that it is not properly serving customers as a result.