MPs recommend "abolish or reform" among options to overhaul embattled FCA

The FCA has begun to fight back against damaging parliamentary criticism about numerous issues including the "failure" of its transformation programme, operations that are "incompetent at best, dishonest at worst" and its treatment of whistleblowers.

By Neasa MacErlean

The attack on the regulator comes from a group of 44 MPs and members of the House of Lords. The stricture is also, in effect, a searing undermining of the Financial Conduct Authority's chief executive Nikhil Rathi who launched the transformation programme after he was appointed in October 2021. The report recommends that the organisation "should be abolished or reformed".