FCA under further pressure as Letter Before Action begins legal action

Open letter accompanies

Non-executive directors at the Financial Conduct Authority have found themselves under fire once again, with the board receiving an open letter accusing them of failure to act and the regulator itself now in receipt of a Letter Before Action.

Andy Agathangelou, founder of the Transparency Task Force, has published the open letter calling for the non-executive directors and outgoing chair Charles Randell to "provide an explanation as to why [they] are failing to act upon the findings" of the independent investigation into the FSA/FCA IRHP Review scheme. The letter presumes that the regulatory board must have been "sufficiently concerned by the widespread backlash and complaints in respect to the IRHP Review" to order the investigation initially. Gina Miller calls for FCA to replace all its non-executive directors Agathan...