UK financial regulation suffers from “systemic flaws” that leave consumers exposed to fraud and misconduct, MPs and peers have warned, as they called for a royal commission to examine sweeping reforms.
But the report risks falling on deaf ears in view of ministers’ push to ease regulation to revive the economy, while consumer groups dismissed its findings as “a rehash” of skewed research published 18 months ago.
Presenting the results of a public survey, analysis of recent scandals and interviews with victims of fraud and whistleblowers, Monday’s report warned that the government’s “deregulation agenda” risked exacerbating the failings in the system by weakening consumer protections.
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