All-Party Parliamentary Group warns UK financial regulation suffers systemic flaws leaving consumers exposed to fraud, calling for a royal commission to review the system similar to Australia's banking overhaul. The report, based on surveys of 1,167 people including fraud victims and whistleblower interviews, found 83% strongly agree with criticism of the Financial Conduct Authority's failures. The FCA countered it has secured five convictions, imposed £186mn in fines and brought charges against 19 individuals in 2024-25, claiming it has transformed consumer protection efforts. Government plans to ease post-2008 crisis curbs to boost growth face opposition from consumer groups dismissing the report as a rehash of 2024 research. The Treasury maintains the FCA has strengthened supervision and will maintain robust, proportionate regulation protecting consumers while supporting sustainable growth.