The True and Fair Campaign, led by campaigner and businesswoman Gina Miller and leading fund manager Alan Miller, today publish a devastating report detailing poor regulation and consumer outcomes in UK Financial Services.
In a detailed critique that focuses on Andrew Bailey’s term as CEO of the Financial Conduct Authority (FCA), the True and Fair report, Asleep at the wheel: an exposé of systemic regulatory failure and consumer detriment, documents how ordinary investors, savers, pensioners and bank customers alike have been comprehensively and scandalously failed by the FCA on Bailey’s watch.
The report scrutinises the FCA’s failure to:
Investigate a complaint by a whistle-blower against the failed HBOS Group;
- Publish its own independent investigators’ report into the abusive treatment of RBS business customers;
- Respond to a whistle-blower’s warnings about London Capital & Finance which collapsed leaving 11,600 retail customers with losses of up to £236 million;
- Regulate properly peer-to-peer Lendy which collapsed, costing 9,000 investors up to £90 million; • Regulate properly illiquid funds culminating in the recent suspension of the £2.5 billion M&G Property Fund or warn consumers of the risks in a timely way; and
- Regulate the investment industry properly, leading to the Woodford scandal in which 300,000 investors lost over £1 billion.
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Gina Miller of True and Fair said: “Andrew Bailey’s tenure as CEO of the FCA has been characterised by a toxic cocktail of negligence, incompetence and indifference to the needs of ordinary depositors, investors and pensioners. On his watch, hundreds of thousands of Britons have lost money – in many cases, losing their life savings which has devastated their lives, families and businesses.” “The report we have published today makes it clear Mr Bailey is not a fit and proper person to be the next Governor of the Bank of England. Were he to be confirmed in this highly responsible and prominent role, it would be a gross betrayal of the Government’s duty to protect consumers, and a textbook example of rewarding failure. Mr Bailey’s successor at the FCA must satisfy policymakers and the public they are competent and committed to protecting consumers and to ending the apathetic culture within the FCA which Mr Bailey appears to have effectively institutionalised.”