A parliamentary report has criticised the leadership, culture and effectiveness of the Financial Conduct Authority after gathering evidence from 175 individuals. The all-party parliamentary group on Investment Fraud and Fairer Financial Services (formerly known as the APPG on Personal Banking and Fairer Financial Services) said the report was the biggest qualitative survey of stakeholder experiences and perceptions into the FCA ever conducted.

Bob Blackman CBE MP (pictured), co-chairman of the APPG, said: “The testimony received suggests that there are very significant shortcomings to the FCA. It comes across as an opaque and unaccountable organisation, slow to act and even slower to admit it has got things wrong and to change.

“The individuals who generously shared their experiences with us told tragic tales of regulatory failure causing enormous financial and emotional distress. Perhaps some of the most compelling evidence comes from current and former employees of the regulator itself, who depict its culture and leadership as profoundly defective.”