The FCA deserves a pat on the back.
Last month, after four years of investigation, it chose to make no changes to the client money rules for brokers.
There is a fair point that perhaps the four-year timeline was excessive. And it would be interesting to know just how much was spent on the process. But the key fact is that the watchdog was brave enough to say that nothing needs to change.
There is always the danger that having created a regulator of a certain size it will find work for itself and
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