The Financial Conduct Authority (FCA) must do more to protect consumers who have been hit by misleading sales tactics over the past few years, according to two former top policymakers.
Reuters reports Hector Sants, who headed the old Financial Services Authority (FSA) until 2012, and Paul Myners, financial services minister during the financial crisis, said the FCA has its work cut out in order to protect consumers.
The financial crisis prompted the UK to reform regulation and removed FSA, replacing it with the FCA in April.
Upon taking on the role of FCA non-executive chairman, John Griffith-Jones said he was developing a programme to spot problems earlier and put a stop to bad behaviour such as Libor interest rate rigging.
However, Mr Myners claims moves toward tougher supervision began under the FSA and that the speech made by Griffith-Jones had left him disappointed.
Banks in the UK have paid out over £10 billion ($15.7 billion) in compensation for misleading consumers.
By Gary Cooper