A report by MPs and peers has heavily criticised the Financial Conduct Authority (FCA), describing it as “incompetent at best, dishonest at worst”, according to the Financial Times.
The report said the findings from the All-Party Parliamentary Group on Investment Fraud and Fairer Financial Services highlighted serious cultural and operational failures at the UK’s financial watchdog.
The three-year inquiry gathered evidence from fraud victims, whistleblowers, and former FCA employees. It found a “defective culture” where errors, inaction, and bullying were common.
Whistleblowers alleged they were ignored, criticised, or even harmed by the organisation, while some described a lack of transparency and accountability.