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A scathing report by a group of MPs and Peers describes the UK’s financial regulator, the Financial Conduct Authority (FCA), as “incompetent” and calls for it to be overhauled due to its failures and lack of accountability. The report, based on testimony from whistleblowers and victims of scams, criticizes the FCA’s slow and inadequate actions, opaque leadership, and defective culture. Proposed reforms include a zero tolerance policy for lack of integrity and changes to the FCA’s funding and leadership structure.
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