The Transparency Task Force (TTF) has announced that it will be focusing its efforts on a range of campaign activities that are all a part of an overarching theme: “Fixing the Financial Conduct Authority (FCA)”.

In a meeting announcing their plans and priorities for 2023, TTF founder, Andy Agathangelou, stated that he believed problems with the FCA “lie at the top” of the organisation, pointing to reports such as by Dame Elizabeth Gloster on LC&F, the Work and Pensions Committee’s investigation into pension scams and the reports by the National Audit Office and the Public Accounts Committee on the British Steel Pensions Scheme issues.

Whilst Agathangelou stated that problems existed at the top of the FCA, he went on to clarify that the vast majority of its employees are “very good and highly capable people” that want to do an important job well, but "are held back from doing so by the organisation itself’.

Agathangelou commented: “It’s absolutely vital that the UK’s financial services sector is one that people, and institutions can have trust and confidence in.

“For that to happen we need an effective conduct regulator, but all the evidence suggests the FCA is consistently failing to provide the consumer protection parliament requires of it on behalf of the British public.”

To rectify the perceived issues with the FCA, the TTF announced they were calling for three proposed amendments to the Financial Services and Markets Bill, which is currently progressing through parliament.

The three amendments would oblige the regulator to compensate individuals who lose money as a result of it failing to perform its functions and provide redress to those who’ve suffered from its historic failings, and introduce a statutory duty of care to be owed by financial services firms to consumers, backed by a right to sue.

The last of the amendments the TTF has called for is to create an oversight body, based on one introduced recently in Australia, charged with ensuring FCA acts in consumers’ interests.

Although Agathangelou made several accusations against the FCA, the session was recorded, and he stated that it would be sent to the authority who were welcome to set him straight on any of the points he made.

The FCA declined to comment when contacted by Pensions Age.

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