FSA chief claims radical approach needed to force change
The current regulator’s chief executive Hector Sants has stated that, over the past eight years, there has been “little or no evidence that any significant change has occurred in the attitude of the financial industry towards its customers”.
Speaking at the Financial Services Authority's (FSA's) Financial Conduct Authority (FCA) conference on 28 June 2011, Mr Sants quoted a comment made by Howard Davies, the first chairman of the FSA, in 2003: "The biggest disappointment of my time at the FSA has been the failure of firms, in particular their senior management, to learn the lessons of past mis-selling.
"Sadly the recent history of the British retail financial services industry is proof of the adage that those who fail to understand
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