The new head of the Financial Conduct Authority, Andrew Bailey, has announced a consultation into the "Future Mission" of the organisation. The FCA does of course regulate financial markets and should be protecting retail investors (or "consumers" as the consultation prefers to call them). However it has been repeatedly criticised in the past for the following failings:
- Weak and ineffective regulation.
- Not stopping new abuses soon enough.
- Failing to look after the interests of retail investors but rather protecting those of ...