Gina and Alan Miller of the True & Fair Campaign have called for the Financial Conduct Authority to "urgently refresh" its board by replacing all non-executive directors.
In a statement responding to the appointment of Richard Lloyd as interim chair at the regulator, succeeding Charles Randell, who leaves his tenure two years early, the pair argued the FCA should replace the entire suite of non-executive directors to avoid "reshuffling the deckchairs on the Titanic".
Gina Miller: 'We are all Brexiteers now'
"Culture is set at the top," the statement read. "There should be a wholesale replacement of not just the interim chair, but all the other NEDs, given their track record, or rather, lack of it."
Lloyd was addressed individually, with his allowing the sign off on the LC&F scandal to be overseen entirely by the chair and chief executive, a move described as "deeply disturbing" by the Millers, who argued he and his fellow NEDs should have prevented FCA executives sending out "key communications unchallenged".
Gina Miller decries 'unlawful' changes to FCA compensation scheme
They also referenced his refusal to "mandate an independent investigation of the £1bn Woodford scandal" and accused the board of allowing the investigation to "proceed at a snail's pace and not even cover the role of the FCA itself in this major regulatory scandal".
The statement concluded by describing Lloyd's appointment as "yet another signal to investors and the industry that the FCA is all about rhetoric rather than real reform that would results in a more proactive, competent regulator".
