Underperforming, overreaching

Amid the disruption and turmoil of 2020,the Financial Conduct Authority’s ability to achieve certain of its longer-termobjectives took some heavy blows. But, even beyond the pandemic, there iscriticism of its oversight of investment scandals as well as unease that thecurrent conduct agenda is delving into areas where a financial regulator has noright to go. Julian Sampson ponders the sector’s status during thesetumultuous times.

Julian Sampson(julian@fulcrumcompliance.com) is director of FulcrumCompliance (www.fulcrumcompliance.com).

As we look back at 2020, there’ll be noshortage of analysis as to what went wrong and what could have been donebetter. While most of these analyses will be directed at the Government, theFCA will not escape this scrutiny. Nor should it, as the whole purpose oflooking back is not just to find out what happened, but to see if there arelessons that can be learned in order to prevent further recurrence.