Submitted on Saturday 17th January 2015
Published on Wednesday 21st January 2015
Current status: Closed
Closed: Monday 30th March 2015
Signatures: 4
Remove Crown Indemnity from the FCA
The Financial Conduct Authority (FCA) issues directives which can lead to citizens incurring significant financial losses.
Decisions made by FCA staff can be incompetent and although the FCA can be taken to court, if the complainant wins the case no UK Court has the authority to allocate damages. This is because any liabilities would fall to the Treasury which has Crown Indemnity.
The FCA must be made accountable for mistakes and errors in judgement which lead to financial losses for the citizen.
The Treasury is hereby asked to remove the Crown Indemnity cover from the FCA and oblige the FCA to take out professional indemnity insurance so they can be held to account in UK courts.
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