MPs criticise FSA 'shortcomings'

The new system of financial regulation must help consumers by promoting competition and better communication so it does not repeat the "shortcomings" of the Financial Services Authority (FSA), a committee of MPs has said.

The Treasury Committee said the FSA was "dominated by a box-ticking culture" and had been unsuccessful in protecting people from "spectacular" regulatory failures such as the mis-selling of payment protection insurance (PPI).