The UK's Financial Conduct Authority (FCA) is facing criticism for incompetence, dishonesty, lack of transparency, unaccountability, and lackluster performance. A parliamentary report has accused the regulator of inappropriate delays in responding to public information requests, and independent reviews have faulted the FCA for its handling of collapsed firms. Former city minister Lord Paul Myners has criticized the FCA for failing to detect warning signs before investment fund failures. The FCA's broad mandate and potential conflicts of interest are also raised as concerns. The parliamentary report considers the FCA's transformation program a failure, and calls for a revision of the twin peaks regulatory model. Suggestions include redistributing responsibilities to other entities to improve focus and service delivery.



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