Gina and Alan Miller of the True & Fair Campaign, have called on Charles Randell CBE, Chair of the Financial Conduct Authority (FCA), to step down in the light of anti-consumer and potentially unlawful steps taken by the FCA on his watch in relation to compensating victims where the regulator was itself at fault.
In an open letter to Randell, the Millers itemised an extensive and detailed list of serious errors, faults and anomalies in relation to measures the FCA has sought to introduce, including those that conflicted with existing legislation, were contrary to the rights of consumers, and many of which appear to have been enacted prior to the proper conclusion of a public consultation that the FCA itself initiated.
Gina and Alan Miller of the True and Fair Campaign say: “The changes we have identified in the FCA Complaints Scheme have taken place on the watch of its Chair, Charles Randell. Mr Randell appears to sanction changes that would make it almost impossible for future victims of scandals such as LC&F to receive any monetary compensation for any regulatory failures by the FCA. With power comes responsibility and integrity, but the serious issues identified by True and Fair are so egregious that there can be only one honourable outcome – namely for Mr Randell to step down and the Government launch an independent inquiry into governance at the FCA. If football fans deserve nothing less, so do consumers of financial services.”