- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Neil Hodge2024-12-19T16:18:00
When lawmakers slam the U.K.’s chief financial regulator as “incompetent,” it not only opens the doors for others to pile criticism on it, but it sparks a debate about how the organization can be improved–or removed.
In November, Members of Parliament (MPs) released a stinging report into the effectiveness of the Financial Conduct Authority (FCA) that said the regulator is not fit for purpose. The All Party-Parliamentary Group report (APPG) said the regulator is seen as “incompetent at best, dishonest at worst”; its actions “slow and inadequate”; and its leaders “opaque and unaccountable”.
It added that the FCA has a “defective culture” led by the top, who may also be impediments to future reform. A 2016 report also found the FCA was “hampered by a suboptimal organizational culture”–a failing that still seems apparent eight years later, despite the regulator’s ongoing “Transformation Programme” from 2020 meant to address previous failings.
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