FCA reveals approach to regulatory failure

A man with an umbrella sheltering from a thunderstorm

The paper aims to explain how the new regulator will inspect possible failures and submit reports to the Treasury. 

Specifically, the regulator will take into account the degree of protection given to consumers and whether a failure has had a "significant adverse effect" on the integrity of the UK financial system.

It will also explore whether the events were made worse because of a "serious failure" of the regulatory system or on part of the FCA.

The regulator stated that a formal statutory

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