FCA will not prevent all firms from failing, says Cole
Margaret Cole, the Financial Services Authority’s (FSA) director of enforcement and financial crime, has spoken at the regulator’s conference on the forthcoming Financial Conduct Authority’s (FCA) approach to regulation.
She emphasised the need for the buy-in of Parliament and the public and stated that all stakeholders should get involved in building the new regulatory architecture.
Her speech opened with a condemnation of the financial services industry for the customer detriment caused by large-scale mis-selling of financial products.
She also emphasised the need for the issue of what kind of regulator the FCA wants to be to be widely debated if it is to be successful.
Ms Cole provided an overview of the
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