MPs grill regulators over future of financial services

Treasury Committee

MPs blasted the FCA at a Treasury Committee meeting yesterday (21 February), saying that it was simply “not tackling fraud at the moment,” while also accusing it of being too close to financial services and warning them against encouraging “socially useless growth”.

MP Angela Eagle said to a panel of employees from the FCA and Bank of England that despite the FCA saying it plans to have a higher focus on financial crime and fraud in the future, it would "be hard to have a lower one". "You are at a very, very, very low starting point as fraud has exploded, so I am astonished you used that example," she said. Sheldon Mills, executive director, Consumers and Competition at the FCA, replied that "we take the criticism, and we will improve". The committee was on the future of financial services and was primarily focused on whether the government shoul...