Britain deserves a strong, competent financial regulator capable of rooting out and deterring misbehaviour
The writer is the author of several books on the City and Wall Street Is it time to break up the Financial Conduct Authority? It is one half of the UK’s “twin peaks” regulators — the other is the Prudential Regulation Authority, a financial stability watchdog — and is under heavy fire. At the end of last year, the FCA was accused in a parliamentary report of being systemically incompetent, dishonest, non-transparent, unaccountable and slow to act.
This stuff matters because the public deserves a strong, competent regulator capable of rooting out and deterring misbehaviour and achieving timely redress. The FCA is not that body and, as currently constructed, it is unlikely that it ever will be. It has four operational objectives — consumer protection, market integrity, competition and growth — and no less than 13 “cross-cutting commitments”.
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