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The FCA has known about this issue for years and done what exactly?

It could have made clear what is to be expected and given a timetable of when the whole issue would effectively be a non-issue.

Through is inadequacies and incompetence it chose to monitor and monitor and eventually get real. If something is clearly wrong it is there to address the issue

But it did nothing and now it is trying to highlight the unfairness which could have been addressed years ago.
It is also walking into a minefield as to what is fair and what is not let alone what is appropriate as these will mean different things to different lawyers

The reason it would appear is that the FCA has done nothing for years looks like its because they were spending too much time getting rules together on when Brokers should chop off their noses to spite their faces on informing customers about the need to look around. What do they think customers have been doing since the year dot

The FCA is a necessary evil as self regulation doesn't work. But it has lost the plot and is serving little purpose except as a stepping stone for those employed to move on from.

Is it a regulator is it seeking the moral high ground is it a consumers champion is it just a means to screw regulated firms with fees and fines until the pips squeak?

It is seeking to take the moral high ground and it has no place there. I think we have seen more than one Prime Minister opt for the same route and fail through hypocrisy

What we have here under all the headlines is a perverse change of tack, from doing nothing years ago to making a massive point now which is deflecting from a wholly unsatisfactory situation the FCA should have and didn't address years ago

The FCA is not showing its taking action its clearly showing it hasn't a clue and needs to look in the mirror as to who is actually at fault here

Once again no one will be to blame, lessons will have been learned, and more decent people will leave the FCA because it has become undeniably unfit for purpose.