New 'twin peaks' regulatory system faces questions as post-FSA era gets underway
On April Fools' Day, with the banks closed and the public scanning the news for prank stories, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) officially launched amid promises of tougher regulation and enforcement for the UK financial services sector. Given the long run-up to the Financial Services Authority's (FSA's) demise and the numerous announcements about its successors, the new bodies are not joking about their ambitions. But just how seriously they will go about addressing the failings of the FSA remains to be seen. Charged with regulating financial firms providing services to consumers and maintaining the integrity of the UK's financial markets, the FCA has already targeted a renewed focus on consumers, as well as continuing to address issues of misconduct (including those such as the recent Libor scandal), market abuse and competitiveness.
Lawyers warn of challenges ahead as new financial regulation model takes effect. Alex Newman reports
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