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Editor's Blog
Blogs » Editor's Blog
The FCA Needs To Show Some Authority.
The Financial Conduct Authority has failed its first big test.
Mis-selling of interest rate swops was a disgrace and the problem has been compounded by the dilatory approach of the FCA,led by CEO Graham Wheatley.
It is estimated that 100,000 swops were pushed on to bank customers who did not fully understand what they were buying.As a result,businesses have been bankrupted and individuals ruined.
Only a handful of complaints have been settled,yet the FCA CEO was able on BBC Panorama the other evening to describe himself as "happy" with the way this major issue has been handled.
Mr Wheatley and his team need to get their acts together FAST.They need to rediscover a dynamic approach to safeguarding the interests of the UK Public.
The other question is: what was the Financial Services Consumer Panel doing whilst the FCA dozed? This Panel needs an injection of really hard- working individuals who are unafraid to question and will push hard for change when required.Like right now.
Wednesday, 16th October 2013
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