FCA under MP pressure to face consumer negligence claim

The FCA's immunity from civil claims dates back to 20 years ago

clock • 1 min read

Consumers should be able to chase financial watchdogs like the Financial Conduct Authority (FCA) for damages if they lose money due to the regulators’ negligence, MPs have said.

Currently the FCA has immunity from such civil damages claims. But three MPs have proposed an amendment to the Financial Services and Markets Bill to change this, the Times reports. Consumers who allege they have lost money as a result of the regulator failing to stop banned activity, would be able to make a legal claim for their losses against the watchdog, under the amendment. The suggested change, which has been brought by MPs from the Scottish National Party, will be debated this evening. If the amendment passed, questions over how damages would be paid for would need to be ans...

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