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FCA Faces Reform Calls From Lawmakers After ‘Litany of Failures’

  • Treasury Committee concludes FCA needs sweeping changes
  • Watchdog failed to protect investors in mini-bond scandal
Andrew Bailey

Andrew Bailey

Photographer: Jason Alden/Bloomberg

Britain’s financial markets regulator is under pressure from a U.K. parliamentary committee to overhaul its operations after failing to stop a scandal that exposed consumers to hundreds of millions of pounds in losses.

The Treasury Committee concluded that the Financial Conduct Authority must set key milestones to transform its culture and system of overseeing firms. Senior executives should have more accountability for their work, and the FCA shouldn’t overly rely on collective responsibility, the committee said.