In a recent report, the UK Parliament's Treasury Committee called for changes to the Financial Conduct Authority's (FCA) supervisory capabilities, following from the collapse of investment firm London Capital and Finance (LCF). Committee Chair Mel Stride called the collapse of LCF, "one of the largest conduct regulatory failures in decades.” The FCA must be better able to protect consumers and financial markets, the Committee concluded.
The committee agrees with current FCA leadership in noting that the regulator must work to become more “proactive”, “agile”, and “decisive.” However, the report also suggests that an end date should be set for the transformation program which the FCA is undertaking, and calls on the FCA to publish reviews of its efforts upon reaching certain milestones.
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