The FCA – a watchdog too nice and chummy to bark or bite

Outgoing boss tells MPs why regulator couldn't do much about one claim of wrongdoing after another

Nobody fears the Financial Conduct Authority. Nobody fears its genial boss, Andrew Bailey. Not really. Or at least not enough to worry about doing jail time or even being banned from working in the City if they do something wrong.

The FCA might be the main regulator of the financial services industry on behalf of Britain's vast army of consumers. It might have a wide range of powers to bring financial services companies to heal when they rip off individuals. Yet it appears to be a creature of the establishment, overly keen to join the Treasury and the Bank of England in protecting the industry when questions arise about the bad behaviour of companies flogging financial products.