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FCA faces growing calls for overhaul amid criticism

The Financial Conduct Authority (FCA) in the UK is facing increasing pressure for a comprehensive overhaul due to criticisms regarding its regulatory approach and effectiveness. Critics argue that the FCA has been too lenient, particularly in its handling of the debanking issue involving Nigel Farage, where banks closed accounts based on political views. There's also dissatisfaction with the FCA's response to the mis-selling of car loans, where it has been accused of being too slow and lacking in transparency. Additionally, the FCA's decision to delay new consumer duty rules for smaller firms has drawn ire, with some suggesting that the regulator prioritizes the interests of big banks over consumer protection. Calls for reform include demands for more transparency, accountability, and a potential restructuring of the FCA to better serve its regulatory role and protect consumers more effectively.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/financial-regulation/fca-faces-growing-calls-for-overhaul-amid-criticism/ar-AA1xBniX ]