Money Box FCA Seen as 'Incompetent' and Rare Coins
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Dec 28, 2024 Sam Rushworth, co-author of a critical report on the UK’s Financial Conduct Authority, discusses allegations of incompetence and dishonesty within the organization. He highlights testimonies from victims of financial scandals, stressing the urgent need for reform. Additionally, listeners share their struggles with rising mortgage rates and seek advice on remortgaging their homes. The episode features a charming young coin collector who showcases a rare £2 coin, exploring the sentimental value and market dynamics of unique collectibles.
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LCF Victim Testimony
- Andrea from Berkshire, a victim of the London Capital and Finance (LCF) scandal, shared her experience.
- She highlighted the lack of oversight in regulating LCF, questioning how the FCA could regulate fraudsters.
Report Findings and Recommendations
- The report criticizes the FCA as incompetent, questions its integrity, and points out a defective organizational culture.
- It recommends government intervention, potential abolishment or reform of the FCA, and a new department for scam victims.
FCA's Transformation Questioned
- Sam Rushworth MP questions the FCA's claims of transformation, citing a lack of radical reforms and ongoing scam cases.
- He emphasizes the need for the FCA to acknowledge its problems and address ongoing issues with scams and lack of justice for victims.