Financial Conduct Authority boss says MPs' criticism 'not fair'

Published On Nov 29, 2024, 8:50 PM

The chief executive of the UK's Financial Conduct Authority (FCA), Nikhil Rathi, defended the agency against criticisms from MPs which claimed the FCA has failed to reform and has too cozy a relationship with the financial institutions it regulates. The criticisms came after a report pointed to the FCA's handling of several scandals, suggesting the agency's culture has worsened and that it may be 'captured' by the banking sector. Rathi countered these claims by stating that the FCA is tackling financial crime more aggressively than ever before and emphasized the importance of balancing consumer protection with economic growth.