A protest rally being held by campaign group Transparency Task Force is to be held outside of the Financial Conduct Authority’s headquarters in Stratford from 12:30 today.

The ‘Rally for Better Financial Regulation’ is being held to follow the conclusion of the regulator’s Annual Public Meeting which is being held online this morning.

Protestors are sharing concerns about a “lack of proactivity, transparency and accountability” and include victims of “financial services misconduct”.

Protestors also include former FCA employees. Former employee Jasthi Alon said: “Systemic reform of the Financial Conduct Authority is urgently needed.

“Without it, the FCA risks becoming the next major public catastrophe - a crisis they are already teetering on - and much like the Post Office scandal, it will lead to devastating consequences, including financial losses, ruined lives, and even suicides.”

Transparency Task Force is calling for reforms to help the regulator be more accountable for its actions including the introduction of a civilly actionable duty of care owed to consumers by authorised firms, the right to compensation if consumers lose money as a result of regulatory failure or inaction by the FCA, and governance improvements at the regulator including the creation of a consumer-led oversight body.

Andy Agathangelou, founder of Transparency Task Force, said: “Just this week, the FCA admitted its Chair, Ashley Alder, failed to keep confidential the names of two of its employees who blew the whistle - but the investigation, undertaken by one of the organisation's own directors, was consequence-free for Mr Alder, an experienced lawyer and regulator who should have known better. The FCA has a habit of marking its own homework.”

He added that politicians need to tackle distrust of financial institutions if they are looking to the financial services sector to deliver economic growth.