A group of protestors descended on Parliament yesterday afternoon calling for reform at the Financial Conduct Authority, which they accused of “chronic and catastrophic” failings.
Between 40-50 people braved the stormy weather to attend the first ever Rally for Better Financial Regulation, hosted by the Transparency Task Force (TTF).
Attendees, many of whom are victims of high-profile scams, including LC&F and HBOS, brandished signs accusing the regulator of being “morally bankrupt”, maintaining a “cosy relationship” with banks and HM Treasury, and “cheerleading” for companies it is supposed to regulate.
Kicking off proceedings outside the Royal Courts of Justice, Andy Agathangelou, founder of the TTF, said the “chronic and catastrophic regulatory failure in the UK” was causing “massive levels of harm to consumers”.
Trust and confidence in the UK’s financial services system is “collapsing”, he said, because the British public have lost faith in the regulatory framework.
“This rally for better financial regulation is a cry for help,” he said. “We’re saying to the regulators, the government, and the Treasury – the British public are being let down by the establishment. You are failing to provide an appropriate degree of consumer protection even though that is one of the most important objectives of the regulatory framework.”
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Martyn Day, the Scottish National Party MP for Linlithgow and East Falkirk, was also in attendance on the day. In its current guise, he said the City watchdog was “not fit for purpose”.
From the Royal Courts of Justice, the crowd marched along the Strand to the Treasury building, on to Downing Street and, finally, the Houses of Parliament. At each stop, Agathangelou hand delivered a letter addressed to a senior government representative, including prime minister Boris Johnson, to discuss what can be done about the failings at the FCA.
Over the past year, the regulator has promised to do better by being quicker about rooting out bad actors and more assertive at tackling misconduct as part of a largescale transformation programme under chief executive Nikhil Rathi. But those at the rally were dubious this would result in genuine change.
The rally comes days before the third anniversary of the Woodford Equity Income fund blow-up, which the FCA has still failed to hold anyone to account for.
