FCA chief defends organization against MPs' criticism of culture and performance

The chief executive of the UK's Financial Conduct Authority (FCA), Nikhil Rathi, defended the organization against criticism from MPs. A report claimed the FCA's culture has worsened and accused it of incompetence and being too close to the banks it regulates. Rathi stated that the FCA is making significant progress in tackling financial crime and has improved its operations. He acknowledged the ongoing debate about balancing consumer protection with economic growth, noting that recent changes may increase risks for consumers. The report suggested the FCA should focus solely on consumer protection and called for leadership changes. Rathi emphasized the FCA's transparency and accountability, stating it provides more data than any other regulator.