A recent report evaluates whether the U.K. Financial Conduct Authority (FCA) effectively protects consumers in the financial services industry, with potential implications for hedge fund managers and other financial firms. The U.K. National Audit Office (NAO) report provides insight into the FCA’s efforts to combat mis-selling and the effectiveness of those efforts. While commending those efforts, the report also calls for better data to determine whether the FCA’s efforts are providing “value for money.” Although the NAO report addresses consumer concerns, its recommendations could prompt the FCA to increase scrutiny of hedge fund managers and other financial services firms, which could result in stricter compensation and remuneration limitations on managers. This article examines the primary takeaways from the report. For a recent FCA report on hedge fund sales practices, see “FCA Report Enjoins Hedge Fund Managers to Improve Due Diligence“ (Feb. 25, 2016).