FCA criticised by MPs but escapes 'no confidence' vote

Watchdog faced heavy criticism

MPs have severely criticised the Financial Conduct Authority (FCA) for recent blunders but the watchdog avoided a vote of no confidence in the House of Commons last night.

The "blundering" FCA was called "weak, toothless and anaemic", according to Reuters. However, the motion to hold a vote of no confidence was not eventually held after minister Harriet Baldwin urged MPs not to support it. The motion was tabled by Conservative MP for Aberconwy Guto Bebb and backed by Labour MP John Mann and SNP MP for East Renfrewshire Kirsten Oswald. It said: "This House believes that the Financial Conduct Authority in its current form is not fit for purpose; and has no confidence in its existing structure and procedures." However, being a backbench motion, any v...