FCA to be tougher and bolder

Strong arming the banks

The regulator called for a debate on its document, the Financial Conduct Authority (FCA) - Approach to Regulation, which sets out how the FCA will deliver its objectives.

It added that with financial services sector causing billions of pounds of consumer "detriment" due to mis-selling scandals, the debate would seek to find consensus on the type of regulator needed to restore customer trust. The FSA asked for comments by 1 September 2011.

The move followed the government's recently published

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