A recent report from UK MPs has sharply criticized the Financial Conduct Authority (FCA), labeling it as 'incompetent' in its regulatory duties. The report follows a significant fine imposed on Macquarie Bank amounting to $16 million due to serious control failures. These failures were highlighted by a case involving a metals trader at Macquarie, who executed 426 fictitious trades over nearly two years, resulting in the bank incurring losses of $58 million. The MPs' report also points to the FCA's unsuccessful technology transformation efforts, further questioning its effectiveness as a financial regulator.