Victims of financial services misconduct and regulatory failure are to stage a protest today (26 Sept) outside the Financial Conduct Authority’s headquarters in London.
“The Rally for Better Financial Regulation” protest is organised by campaign group Transparency Task Force and seeks to highlight consumers’ concerns about “a lack of proactivity, transparency and accountability”.
It follows the conclusion of the FCA’s Annual Public Meeting held online at which the FCA is expected to face criticism for a lengthy list of unresolved scandals including Woodford, the Philips Trust Corporation, mortgage prisoners, pension and investment failures among others.
The organisers called for reforms to help make the financial services sector and the FCA more accountable for their actions including the introduction of a civilly actionable duty of care owed to consumers by authorised firms and individuals or the addition of a private right of action and the removal of unnecessary loopholes from the FCA’s Consumer Duty.
The right to compensation if consumers lose money as a result of regulatory failure or unwarranted inaction by the FCA.
And governance improvements at the regulator, including the creation of a consumer-led oversight body to make key appointments, set budgets, review performance and ensure complaints are handled effectively
Andy Agathangelou, founder of Transparency Task Force, said: “Just this week, the FCA admitted its Chair, Ashley Alder, failed to keep confidential the names of two of its employees who blew the whistle – but the investigation, undertaken by one of the organisation’s own directors, was consequence-free for Mr Alder, an experienced lawyer and regulator who should have known better. The FCA has a habit of marking its own homework.
“And at today’s Annual Public Meeting, we expect the FCA’s senior team to deflect critical questions with answers that are, at best, incomplete and at worst misleading. We’ve asked that it be reinstated as a hybrid event so people have the option of attending in person, which would enable them to challenge unsatisfactory responses.”
Former FCA employee Jasthi Alom, who is challenging the regulator in the court, will be one of the speakers at the rally.
Alom said: “This rally is crucial because the equation is simple: better regulation requires a better regulator. Systemic reform of the Financial Conduct Authority is urgently needed.
“Without it, the FCA risks becoming the next major public catastrophe – a crisis they are already teetering on – and much like the Post Office scandal, it will lead to devastating consequences, including financial losses, ruined lives and even suicides.”
The FCA, like its antecedents, is ALREADY a major public catastrophe, going right back to the collapse of Equitable Life over 20 years ago. The warning signs were writ large on the wall yet the regulator of the day stood by and did nothing. Connaught, Basset & Gold, Woodford, LC&F, WealthTek, the five year orgy of PPI mis-selling (for which Sants was awarded a knight hood) and so many others constitute ample proof that the FCA is not fit for purpose.
“marking it’s own homework” is a pretty kind way way of describing the FCA’s record in this area. It appears to have very little oversight – even by Parliament or the Treasury.
This is not a new problem: I am reminded of my Latin – “quis custodiet ipsos custodies? (Who polices the Policemen?)”
The FCA and the rest eg FOS and the FSCS os not fit for purpose. Like Labour gvt has now shown is all, they are in it for themselves.
And how much notice will the patricians at Endeavour Square take? They are convinced they are flawless and they certainly are unaccountable.
There will be…one day,
When the FCA will have to pay,
Not just for ivory tower hiding,
or gentle self marked chiding…
The time is not now…or will be soon,
They cannot surrender the silver spoon,
Hoping the Teflon and money will last out,
and Dark Lords hold back the doubt –
None Class Traitor is on their back –
yet no one senior will face the sack…
As standards go… FCA is pretty shriven –
Come back Ms Vennels.. all is forgiven!!
Traditional…
From ‘History you knew (better than to ask)’
First impression 2056…
[Please note: All items for my for my rhyming irony – see yesterday AIM Funding – welcome!]
Note: Treasury said today that ‘No plans for review or revamp of the FCA’….
Previous comments beat me to it, every single comment is 100% accurate. The FCA are a rotten crock. So WHO has got the gonads to take them on and expose? Over to you Media, do your job!
Just like the post office the FCA is really only interested in protection of brand reputation and sweeping scandals under the carpet above it’s core remit of consumer protection which gets trampled on as it dances on pinheads to try and justify it’s lack of actions and inept behaviour.