MPs blasted the FCA at a Treasury Committee meeting yesterday (21 February), saying that it was simply “not tackling fraud at the moment,” while also accusing it of being too close to financial services and warning them against encouraging “socially useless growth”.
MP Angela Eagle said to a panel of employees from the FCA and Bank of England that despite the FCA saying it plans to have a higher focus on financial crime and fraud in the future, it would "be hard to have a lower one". "You are at a very, very, very low starting point as fraud has exploded, so I am astonished you used that example," she said. Sheldon Mills, executive director, Consumers and Competition at the FCA, replied that "we take the criticism, and we will improve". The committee was on the future of financial services and was primarily focused on whether the government shoul...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
