The group, which includes Jeremy Corbyn’s former shadow chancellor John McDonnell, said the FCA had been “unconstructive” since it published a report last year which said the regulator was failing customers.
Mr Blackman compared the FCA to the scandal-hit Post Office, saying it has “too many red flags” and challenging the regulator’s claim that 85% of its stakeholders are satisfied that it is protecting customers.
Bob Blackman, chairman of the All-Party Parliamentary Group on Investment Fraud and Fairer Financial Service, said the FCA is in “denial” and “seemingly unable to absorb evidence-based criticisms being made of it”.
Financial watchdog in ‘denial’ of problems claim MPs in fresh criticism A cross-party group of MPs has redoubled its attacks on the Financial Conduct Authority, saying the watchdog has been “disappointing, defensive and dismissive” in its response to criticism.
Mr Blackman said: “Like the Post Office the FCA’s lack of objectivity and self denial of the problem only serves to emphasise how critical the need for a resolution is.”.
