MPs call for debate on making FCA fit for purpose By Daniela Esnerova 22 nd December 2020 12:04 pm MPs are looking to start a parliamentary debate on how to make sure the FCA is fit purpose. The call follows investigations into the FCA released last week, showing it failed to properly oversee collapsed mini-bond firm London Capital and Finance, as well as the Connaught Income fund, leading to further losses for investors. The All Party Parliamentary Group on Personal Banking and Fairer Financial Services was established last week to “identify aspects of personal banking and financial services where the service providers or regulators have not delivered, or are not delivering, excellence and appropriate consumer protection; to facilitate and encourage all stakeholders to work together to resolve past and present shortcomings, and to bring about positive changes”.