FCA's Response to the Complaints Commissioner Shows arrogance, aberration and abdication

FCA asleep at the wheel

It has almost become farcical that the FCA is so often asleep at the wheel in terms of being an effective regulator, that the ‘F’ stands for failing.

In December 2021, the publication of the independent review by Dame Gloster Report into the £237m LCF scandal which cited the word ‘failure' 178 times, put into damning words the extent to which the FCA is unfit for purpose. When the FCA fails consumers, the Financial Services Act 2012 establishes a statutory requirement for a complaints scheme, overseen by an independent commissioner, under which aggrieved investors whose losses were caused by the FCA's regulatory failure can seek compensation from the FCA.  In July 2020, before the Gloster Report, the FCA quietly issued a consultati...