• Lonicera @Lonicera Stow Bedon - updated 3mo

    Is our money in good hands?

    Heard it mentioned on TV and copied from Wikipedia

    In September 2019, allegations were made of Bailey falling asleep during a meeting between campaigners acting on behalf of the British Steel Pension Scheme and the FCA, to take faster action to protect those affected by what would become one of the UK's biggest pension miss-selling scandals. A subsequent National Audit Office probe into the case concluded that members of the pension scheme suffered significant financial losses because FCA registered firms tailed to protect them. This led to parliamentarians commenting that the FCA was asleep at the wheel.[7]

    In March 2020 the Treasury select committee criticised the performance of the Financial Conduct Authority. The committee said it would monitor closely the culture, operations and transparency of the FCA. This followed damning criticisms of the watchdog by consumer and industry groups during Bailey’s tenure as its chief executive.[8]

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