Financial watchdog needs a radical shake-up after scandals and failures, says all-party group’s report

Britain’s financial sector watchdog is “incompetent at best, dishonest at worst”, according to a damning report by MPs and Lords which called for a big shake-up.

An examination of the Financial Conduct Authority, which took almost three years and collected evidence from 175 fraud victims, whistleblowers and the regulator’s former staff, found “there are very significant shortcomings to the FCA”.