Britain’s Financial Conduct Authority (FCA) has been slated in a new report by MPs and Lords into the watchdog.
Following a near three-year study, the report dubbed the regulator “incompetent at best, dishonest at worst” and highlighted “very significant shortcomings”.
Current and former staff were among those interviewed for the report, which is expected to be revealed by a cross-party committee to Parliament on Tuesday.
They said “dishonesty and deceit” was “commonplace” and warned whistleblowers had been “bullied,” according to The Times and the Financial Times.
Whistleblowers and victims of financial scandals were also interviewed, bringing to light accusations of regulatory failure and inaction, said to be all “too common”.
Findings of the 359-page report, which is based on evidence from some 175 people, is set to add further to mounting criticism of the regulator, including from the government.
A series of reforms were proposed, such as changes to how the FCA was funded, restrictions on moves from the regulator to the private sector and stripping its immunity from civil liability to consumers.
“We sympathise with those who have lost out as a result of wrongdoing in financial services, however we strongly reject the characterisation of the organisation,” the FCA, which is yet to view the findings, said.
“We have learned from historic issues and transformed as an organisation so we can deliver for consumers, the market and the wider economy.”