FCA Seen as 'Incompetent' and Rare Coins

Money Box

BBC

Business

4.2 • 804 Ratings

🗓️ 28 December 2024

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

A new report about the UK’s main financial regulator was published this week, concluding the Financial Conduct Authority is "seen as incompetent at best, dishonest at worst." The report was put together by the All Party Parliamentary Group for Investment Fraud and Fairer Financial Services, which is made up of cross-party MPs and members of the House of Lords. They spoke to victims of financial scandals who lost money in frauds and heard testimony from people who worked, and some who still do work, for the organisation. The FCA has said it sympathises with those who have lost out as a result of wrongdoing in financial services, however it strongly rejects the characterisation of the organisation. We'll hear from the co-author of the report and, in his first interview since its publication, we'll speak to Nikhil Rathi, the Chief Executive of the Financial Conduct Authority.

What deals can people expect if they’re re-mortgaging their homes over the next 6 months? We'll hear from listeners affected and get some advice from a mortgage broker.

And, the 9 year old coin collector who has found a special £2 coin and wants to know whether to spend it or save it.

Presenter: Felicity Hannah Reporter: Dan Whitworth Researcher: Emma Smith Editor: Jess Quayle

(First broadcast 12pm Saturday 30th November 2024)

Transcript

Click on a timestamp to play from that location

0:00.0	Before you listen to this BBC podcast, I'd like to quickly tell you about some others.
0:05.2	My name's Andy Martin and I'm the editor of a team of podcast producers at the BBC in Northern Ireland.
0:11.3	It's a job I really love because we get to tell the stories that really matter to people here,
0:16.3	but which also resonate and apply to listeners around the world.
0:19.6	And because the team has such a diverse
0:21.2	range of skills and strengths, we have trained journalists, people who love digging through
0:26.0	archives, we've got drama and even comedy experts. We really can do those stories justice. So if
0:31.8	you like this podcast, head to BBC Sounds where you'll find plenty more fascinating stories
0:37.1	from all around the UK. BBC Sounds where you'll find plenty more fascinating stories from all around the UK.
0:40.0	BBC Sounds, music, radio, podcasts.
0:43.7	Hello, in today's Moneybox podcast, around 4.4 million UK households are likely to see the
0:49.4	cost of their mortgage rise over the next three years. We'll get some advice for anyone
0:53.8	coming to the end of a
0:54.9	fixed deal and facing a financial shock. Plus, we'll hear from a nine-year-old coin collector
1:00.4	on his rare two-pound coin and what other numismatists, did I say that right? Need to know. But first,
1:06.6	the boss of the UK's Financial Conduct Authority has told Moneybox that the criticism from MPs that the regulator is seen as,
1:13.9	at best, incompetent and at worst, dishonest does not take into account the big changes it's already made.
1:20.3	The scathing new report was put together by the all-party parliamentary group for investment fraud and Fairer Financial Services, which is made up of
1:28.7	cross-party MPs and members of the House of Lords. They spoke to victims of financial scandals
1:34.3	who've lost really life-changing amounts of money as a result. And they also heard testimony
1:39.1	from people who worked and some who still do work for the FCA. Dan Whitworth has been ploughing through the 350-page report.
1:47.9	Dan, what do we need to know?
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from BBC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of BBC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.