UK Financial Watchdog Criticized for Leadership Failures and Toxic Culture

A parliamentary report accuses the FCA of incompetence and dishonesty, calling for urgent reforms to restore trust in its regulatory role.

A three-year parliamentary investigation involving 175 testimonies found the Financial Conduct Authority (FCA) to be plagued by leadership failures and a toxic workplace culture.
The report accuses the FCA of being slow to act, unaccountable, and ineffective in protecting consumers from financial fraud and misconduct.
Whistleblowers and former employees allege bullying, discrimination, and a culture of suppressing dissent within the organization.
The report recommends significant reforms, including leadership changes, a supervisory council, and revised funding structures to improve accountability and performance.
The FCA rejects the report's characterizations, stating it has made organizational changes and continues to focus on consumer protection and market regulation.