Finance watchdog starts makeover to restore reputation! REGULATION by Oscar Wllllams-Grut Evening Standard 8th of April 2022.
The City watchdog has launched a new turnaround plan to repair its bruised reputation. The Financial Conduct Authority today announced a three-year strategy to “improve outcomes for consumers and in markets throughout the UK". The regulator will for the ﬁrst time publish performance metrics to hold itself accountable and will hire 80 new staff to tackle fraud and scams. It follows a string of recent scandals under the regulator's watch, including the high-proﬁle collapses of London Capital & Finance and Neil Woodford's investment management business.
Critics say the regulator has failed to get to grips with a boom in fraud and scams over the past few years.
Campaigner Gina Miiller said in a letter to MPs earlier this year there was a “mountain of evidence indicating that the FCA is not ﬁt for purpose".
Staff at the FCA are also unhappy, with recent threats to strike over pay and conditions.
“Our new strategy enables the FCA to respond more quickly to the rapidly FCA_chief executive Nikhil Rathi said:changing ﬁnancial services sector. It will, give us a foundation to continuously improve for the beneﬁt of our stakeholders, and respond swiftly to economic and geopolitical developments
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